CBN Injects $500m into Forex Market, vows to clear backlog soon
In a move aimed at addressing the persistent backlog of verified foreign exchange (forex) transactions, the Central Bank of Nigeria (CBN) has injected another $500 million into the market.
This comes barely a week after the bank injected approximately $2 billion to settle outstanding commitments across the manufacturing, aviation, and petroleum sectors.
Mrs. Hakama Sidi Ali, Acting Director of the Corporate Communications Department at the CBN, made this known in Abuja on Monday, January 29.
She reiterated the bank’s commitment to settling all legitimate forex backlogs within a short timeframe.
She noted: “The Management of the CBN is committed to settling all legitimate foreign exchange backlogs within a short time frame.”
Sidi Ali also assured Nigerians that the CBN is implementing a comprehensive strategy to improve liquidity in the Nigerian foreign exchange markets in the short, medium, and long term.
This strategy, according to the CBN spokesperson, is focused on addressing fundamental issues that have hindered the effective operation of the Nigerian forex markets over the years.
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