The Central Bank of Nigeria (CBN) has disbursed $500 million across various sectors to address the backlog of verified foreign exchange transactions.
This allocation follows the recent payment of around $2.0 billion by the apex bank to settle outstanding commitments in manufacturing, aviation, and petroleum industries within the last week.
Hakama Ali, the Acting Director of Corporate Communications at the CBN, disclosed this in Abuja on Monday.
Ali emphasized the CBN’s dedication to resolving all legitimate foreign exchange backlogs promptly.
Sidi Ali, representing Governor Olayemi Cardoso, reiterated that the CBN is implementing a comprehensive strategy to enhance liquidity in Nigeria’s foreign exchange markets in the short, medium, and long term.
Highlighting the forex market reforms aimed at unifying exchange rates, fostering transparency, and minimizing arbitrage opportunities, Sidi Ali expressed confidence that a stable exchange rate would bolster investor confidence and attract foreign investment.
She urged all market participants to adhere to regulations, emphasizing that market transparency would facilitate fair exchange rate determination, ensuring stability for businesses and individuals.