Business News

January 2024

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

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.

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