CBN Infuses $500 Million into Forex Market, Pledges Swift Resolution of Backlog

Category: Business News

In a bid to tackle the persistent backlog of verified foreign exchange (forex) transactions, the Central Bank of Nigeria (CBN) has injected an additional $500 million into the market. This move follows closely on the heels of the bank's recent injection of approximately $2 billion to clear outstanding commitments in sectors such as manufacturing, aviation, and petroleum.

Mrs. Hakama Sidi Ali, the Acting Director of the Corporate Communications Department at the CBN, disclosed this information in Abuja on Monday, January 29. She emphasized the CBN's dedication to swiftly resolving all legitimate forex backlogs.

Sidi Ali reassured the public that the CBN is implementing a comprehensive strategy to enhance liquidity in the Nigerian foreign exchange markets across short, medium, and long-term timelines. The spokesperson for the CBN highlighted that this strategy aims to address fundamental issues that have hindered the effective operation of the Nigerian forex markets over the years.

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