In a continued effort to tackle the backlog of verified foreign exchange (forex) transactions, the Central Bank of Nigeria (CBN) has disbursed $500 million across various sectors. This move comes shortly after the recent payment of approximately $2.0 billion by the Bank to settle outstanding commitments in manufacturing, aviation, and petroleum sectors.

The disclosure was made by Mrs. Hakama Sidi Ali, the Acting Director of the Corporate Communications Department at the CBN, in Abuja on Monday, January 29.

Sidi Ali emphasized the commitment of the CBN’s management to expeditiously clear all legitimate forex backlogs. Reiterating the assurances of Governor Mr. Olayemi Cardoso, she stated that the CBN has initiated a comprehensive strategy to enhance liquidity in the Nigerian foreign exchange markets in the short, medium, and long term.

Highlighting the benefits of these measures, she said, “As the Governor mentioned, the CBN’s focus is on addressing fundamental issues that have impeded the effective operation of the Nigerian forex markets over the years.” She added that the forex market reforms aim to streamline and unify multiple exchange rates, promote transparency, and reduce arbitrage opportunities.

Sidi Ali expressed confidence that a stable exchange rate would instill investor confidence and attract foreign investment. She urged all market participants to adhere to the rules, emphasizing that transparency would facilitate fair exchange rate determination, ensuring stability for businesses and individuals alike.

It’s worth noting that the CBN has consistently released various sums in recent months as part of its ongoing initiative to clear the backlog of foreign exchange liabilities.

The disclosure was made by Mrs. Hakama Sidi Ali, the Acting Director of the Corporate Communications Department at the CBN, in Abuja on Monday, January 29.

Sidi Ali emphasized the commitment of the CBN’s management to expeditiously clear all legitimate forex backlogs. Reiterating the assurances of Governor Mr. Olayemi Cardoso, she stated that the CBN has initiated a comprehensive strategy to enhance liquidity in the Nigerian foreign exchange markets in the short, medium, and long term.

Highlighting the benefits of these measures, she said, “As the Governor mentioned, the CBN’s focus is on addressing fundamental issues that have impeded the effective operation of the Nigerian forex markets over the years.” She added that the forex market reforms aim to streamline and unify multiple exchange rates, promote transparency, and reduce arbitrage opportunities.

Sidi Ali expressed confidence that a stable exchange rate would instill investor confidence and attract foreign investment. She urged all market participants to adhere to the rules, emphasizing that transparency would facilitate fair exchange rate determination, ensuring stability for businesses and individuals alike.

It’s worth noting that the CBN has consistently released various sums in recent months as part of its ongoing initiative to clear the backlog of foreign exchange liabilities.

In a continued effort to tackle the backlog of verified foreign exchange (forex) transactions, the Central Bank of Nigeria (CBN) has disbursed $500 million across various sectors. This move comes shortly after the recent payment of approximately $2.0 billion by the Bank to settle outstanding commitments in manufacturing, aviation, and petroleum sectors.

The disclosure was made by Mrs. Hakama Sidi Ali, the Acting Director of the Corporate Communications Department at the CBN, in Abuja on Monday, January 29.

Sidi Ali emphasized the commitment of the CBN’s management to expeditiously clear all legitimate forex backlogs. Reiterating the assurances of Governor Mr. Olayemi Cardoso, she stated that the CBN has initiated a comprehensive strategy to enhance liquidity in the Nigerian foreign exchange markets in the short, medium, and long term.

Highlighting the benefits of these measures, she said, “As the Governor mentioned, the CBN’s focus is on addressing fundamental issues that have impeded the effective operation of the Nigerian forex markets over the years.” She added that the forex market reforms aim to streamline and unify multiple exchange rates, promote transparency, and reduce arbitrage opportunities.

Sidi Ali expressed confidence that a stable exchange rate would instill investor confidence and attract foreign investment. She urged all market participants to adhere to the rules, emphasizing that transparency would facilitate fair exchange rate determination, ensuring stability for businesses and individuals alike.

It’s worth noting that the CBN has consistently released various sums in recent months as part of its ongoing initiative to clear the backlog of foreign exchange liabilities.

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