CBN Intervenes, Injects $500M To Clear Backlog Of Forex | READ MORE
Faith Ukanwa
Jan 30, 2024
CBN Intervenes, Injects $500M To Clear Backlog Of Forex | READ MORE
READ ALSO: 7 Online Money Traps Young Nigerians Are Falling Into
The Central Bank of Nigeria (CBN) says it has released $500m to various sectors in its determination to address the backlog of verified foreign exchange transactions.
READ ALSO: IGBOS SHOULD EXPECT NOTHING FROM BUHARI - OKOROCHA
Its Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali, disclosed this in a statement on Monday in Abuja.
READ ALSO: Pastra Arinze Etie Explains How Governor Otti is Ending Revenue Leakages in Abia State
According to Sidi-Ali, this comes barely a week after the apex bank paid approximately $2bn to settle outstanding commitments across various sectors.
READ ALSO: 2023: North East Elders Throw Weight Behind Peter Obi | READ WHY
She said that the management of the CBN was committed to settling all legitimate foreign exchange backlogs within a short time frame.
READ ALSO: Nigeria's Economy Set to Grow 4.7% in 2026 - Edun Projects Job-Rich, Investment-Led Growth
She said the CBN had begun implementing a comprehensive strategy to improve liquidity in the Nigerian foreign exchange markets in the short, medium, and long terms.
READ ALSO: Bring Back Cashless Policy, Naira Will Increase Value - Yul Edochie Begs Tinubu
"As the Governor said, the CBN's focus is on addressing fundamental issues that have hindered the effective operation of the Nigerian FX markets over the years,ÔÇØ she said.
READ ALSO: Wike's Supporter Tony Okocha Confesses, Reveals How He Rigs Elections Under Ameachi | WATCH VIDEO
Meanwhile, Sidi-Ali said that the forex market reforms were designed to streamline and unify multiple exchange rates, foster transparency, and reduce arbitrage opportunities.
She expressed confidence that a stable exchange rate would boost investor confidence and attract foreign investment.
Speaking further, she urged all participants in the market to play by the rules, adding that transparency in the market would enable the fair determination of exchange rates.
READ ALSO: Lite-Africa Advocates Proactive Reforms In Security Agencies For Human Rights Protection
The CBN, over the past few months, has released various sums in its effort to clear the backlog of foreign exchange liabilities.
READ ALSO: How CBN's New Policy Will Force Banks To Instantly Refund Failed ATM Transactions
(NAN)
Related Stories
Nigeria's Economy Set to Grow 4.7% in 2026 - Edun Projects Job-Rich, Investment-Led Growth
Pastra Arinze Etie Explains How Governor Otti is Ending Revenue Leakages in Abia State
How Trump's Threat Triggered N2.8 Trillion Stock Market Crash In Nigeria - Investors Panic As Confidence Plummets
How CBN's New Policy Will Force Banks To Instantly Refund Failed ATM Transactions
Bring Back Cashless Policy, Naira Will Increase Value - Yul Edochie Begs Tinubu
7 Online Money Traps Young Nigerians Are Falling Into
""
— Faith Ukanwa