The Central Bank of Nigeria (CBN) has injected another $500 million into the market to address the persistent backlog of verified foreign exchange (forex) transactions.
This move comes just a week after the bank injected approximately $2 billion to settle outstanding commitments across the manufacturing, aviation, and petroleum sectors.
Mrs. Hakama Sidi Ali, Acting Director of the Corporate Communications Department at the CBN, made this known in Abuja on Monday.
She reiterated the bank’s commitment to settling all legitimate forex backlogs within a short timeframe. Sidi Ali also assured Nigerians that the CBN is implementing a comprehensive strategy to improve liquidity in the Nigerian foreign exchange markets in the short, medium, and long term.
“This strategy is focused on addressing fundamental issues that have hindered the effective operation of the Nigerian forex markets over the years. 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 said.
