CBN Makes Bold Move To Clear Forex Backlog

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The Central Bank of Nigeria (CBN) has injected another $500 million into the foreign exchange (forex) market to address the persistent backlog of verified forex transactions.

This comes a week after the bank injected approximately $2 billion to settle outstanding commitments across the manufacturing, aviation, and petroleum sectors.

The Acting Director of the Corporate Communications Department at the CBN, Mrs. Hakama Sidi Ali, reiterated the bank’s commitment to settling all legitimate forex backlogs within a short timeframe.

She also assured Nigerians that the CBN is implementing a comprehensive strategy to improve liquidity in the Nigerian forex markets in the short, medium, and long term.

The forex market reforms are designed to streamline and unify multiple exchange rates, foster transparency, and reduce arbitrage opportunities.

Categories: News

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