CBN Disburses $500m To Address FX Backlog

The Central Bank of Nigeria (CBN) has disbursed US$500 million to address the backlog of verified foreign exchange transactions. 
This action follows the recent payment of approximately $2.0 billion by the apex bank to settle outstanding commitments in manufacturing, aviation, and petroleum sectors.
Mrs. Hakama Sidi Ali, the Acting Director of the Corporate Communications Department at the CBN, made the announcement in Abuja on Monday. She emphasized the CBN’s commitment to resolving all legitimate foreign exchange backlogs promptly.
Sidi Ali reiterated Governor Olayemi Cardoso’s pledge to enhance liquidity in the Nigerian foreign exchange markets through comprehensive short, medium, and long-term strategies.
“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,” she added.
These reforms aim to streamline exchange rates, enhance transparency, and minimize arbitrage opportunities.
The CBN anticipates that a stable exchange rate will bolster investor confidence and attract foreign investment.
 Sidi Ali urged market participants to adhere to regulations, emphasizing that transparency is crucial for fair exchange rate determination and market stability.
It would be noted that in recent months, the CBN has consistently released funds to address the backlog of foreign exchange liabilities.
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