Nigeria Attracts $1bn Of Inflows In Two Weeks Since Revamp – Bloomberg.

By Chris Udochukwu Nigeria’s foreign-exchange market attracted more than $1 billion in the past two weeks as market confidence improves following the central bank’s efforts to steady the nation’s battered currency, Governor Olayemi Cardoso said. Foreign portfolio investors “have already begun to supply the much-needed foreign exchange to the economy,” he told senators in a banking committee hearing Friday. In “the past few days, we have had over $1 billion that have come into the market,” he said, adding that this reflects “a solid sign of return to confidence in our economy.” The Abuja-based bank implemented measures aimed at boosting market liquidity, pricing and investor confidence, which initially saw the naira plunge about 40% but has since moderated volatility and increased foreign-currency inflows. Cardoso allowed a change in the method for setting the foreign-exchange rate to reflect more efficient pricing, removed caps on transactions rates for international money transfers, barred lenders from holding excess dollars on their balance sheets and this week raised interest rates on short-term debt obligations. “Our measures aimed at improving US dollar supply into the Nigerian …

Nigeria Attracts $1bn Of Inflows In Two Weeks Since Revamp – Bloomberg. Read More