The Central Bank of Nigeria (CBN) has announced the release of $500 million to address the backlog of verified foreign exchange (FX) transactions across various sectors.
This move comes shortly after the recent disbursement of $2.0 billion by the bank to settle outstanding commitments in manufacturing, aviation, and petroleum sectors.
The Acting Director of Corporate Communications at the CBN, Hakama Sidi-Ali, disclosed this development in Abuja on Monday.
She emphasized the commitment of the CBN’s management to resolving all legitimate FX backlogs within a short timeframe.
According to Sidi-Ali, the CBN’s Governor, Olayemi Cardoso, had outlined a comprehensive strategy to enhance liquidity in the Nigerian FX markets, spanning short, medium, and long-term measures.
“As the Governor stated, the CBN’s focus is on addressing fundamental issues that have hindered the effective operation of the Nigerian FX markets over the years,” Sidi-Ali reiterated.
She underscored that the FX reforms aim to streamline exchange rates, enhance transparency, and reduce arbitrage opportunities.
Expressing optimism about the positive impact of stable exchange rates on investor confidence and foreign investment, Ali urged all FX market participants to adhere to regulations and promote transparency.
