CBN’s Bold Move: US$500 Million Released to Tackle Forex Backlog

In a proactive move to tackle the lingering forex backlog, the Central Bank of Nigeria (CBN) has recently injected US$500 million into diverse sectors. This follows the recent disbursement of approximately US$2.0 billion to address outstanding commitments in manufacturing, aviation, and petroleum sectors.

Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN, revealed this groundbreaking development in Abuja on Monday, January 29. Emphasizing the commitment of the CBN’s Management to promptly address legitimate forex backlogs, she reiterated Governor Mr. Olayemi Cardoso’s assurances.

Highlighting the comprehensive strategy for enhancing liquidity in Nigerian forex markets, Sidi Ali emphasized the CBN’s focus on resolving fundamental issues that have historically impeded market efficiency. The ongoing forex market reforms aim to streamline rates, foster transparency, and minimize arbitrage opportunities.

Sidi Ali expressed optimism that achieving a stable exchange rate would instill investor confidence, fostering an environment conducive to foreign investment. She urged market participants to adhere to established rules, emphasizing that market transparency is crucial for fair exchange rate determination, providing stability for businesses and individuals.

This latest move builds on the CBN’s continuous efforts over the past months to clear the backlog of foreign exchange liabilities, reflecting a proactive stance to bolster Nigeria’s economic landscape.

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