CBN disbursed US$500mn to clear FX backlog
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has disbursed US$500 million to clear the backlog of verified foreign exchange transactions.
The announcement was made by Mrs. Hakama Sidi Ali, the Acting Director of the Corporate Communications Department at the CBN, in Abuja on Monday.
The CBN in the statement said it is committed to settling all legitimate foreign exchange backlogs within a short period of time, in line with the promise made by CBN Governor Mr. Olayemi Cardoso.
The CBN has implemented a comprehensive strategy to improve liquidity in the Nigerian foreign exchange markets in the short, medium, and long term. The reforms aim to streamline and unify multiple exchange rates, enhance transparency, and reduce arbitrage opportunities.
Sidi Ali believes that a stable exchange rate will boost investor confidence and attract foreign investment. She urges all market participants to operate transparently to ensure fair determination of exchange rates and stability for individuals and businesses.
This comes shortly after the CBN paid approximately US$2billion to settle outstanding commitments in the manufacturing, aviation, and petroleum sectors.
