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CBN clears more verified forex liabilities backlog, releases $500m

 In its determination to address the backlog of verified
foreign exchange (forex) transactions, the Central Bank of Nigeria (CBN) has
released US$500 million to various sectors. This comes barely a week after the
Bank paid approximately US $2.0 billion to settle outstanding commitments
across manufacturing, aviation, and petroleum sectors.

 

The Acting Director of the Corporate Communications
Department at the CBN, Mrs. Hakama Sidi Ali, stated this in Abuja on Monday,
Janaury 29.

 

She noted that the Management of the CBN was committed to
settling all legitimate forex backlogs within a short time frame.

 

Reiterating the assurances of the Governor, Mr. Olayemi
Cardoso, Sidi Ali said the CBN had begun implementing a comprehensive strategy
to improve liquidity in the Nigerian foreign exchange markets in the short,
medium, and long term.l

 

Benefits

“As the Governor said, the CBN’s focus is on addressing
fundamental issues that have hindered the effective operation of the Nigerian
forex markets over the years,” she added.

 

Sidi Ali noted that the forex market reforms were designed
to streamline and unify multiple exchange rates, foster transparency, and
reduce arbitrage opportunities.

 

She expressed confidence that a stable exchange rate would
boost investor confidence and attract foreign investment.

 

She, therefore, urged all participants in the market to play
by the rules. She aslo stressed that transparency in the market would enable the
fair determination of exchange rates and, by extension, guarantee stability for
businesses and individuals alike.

 

Recall that the CBN, over the past few months, has released
various sums in its effort to clear the backlog of foreign exchange liabilities.

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