CBN injects additional $500m to clear FX backlog
The Central Bank of Nigeria (CBN) on Monday said it injected an additional $500 million into the foreign exchange market.
This comes barely a week after it announced that it had so far disbursed approximately $2 billion across pivotal sectors like manufacturing, aviation, and petroleum.
A statement signed by the Acting Director of the Corporate Communications Department at the CBN, Hakama Ali, said the management of the CBN is committed to settling all legitimate foreign exchange backlogs within a short time frame.
According to her, the CBN had begun implementing a comprehensive strategy to improve liquidity in the Nigerian foreign exchange markets in the short, medium, and long term.
“As the Governor said, the CBN’s focus is on addressing fundamental issues that have hindered the effective operation of the Nigerian FX markets over the years,” she said.
READ ALSO: More than 11 million people inject drugs globally – Report
In addressing the recent forex market reforms, Mrs Ali reiterated the bank’s goal of streamlining exchange rates, fostering transparency, and minimizing arbitrage opportunities.
She expressed confidence that a stable exchange rate would instil investor trust and attract foreign investment.
Mrs Ali urged market participants to adhere to regulations, emphasising that transparency in the market would ensure fair exchange rate determination and overall stability for businesses and individuals.
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The Central Bank of Nigeria (CBN) on Monday said it injected an additional $500 million into the foreign exchange market.
This comes barely a week after it announced that it had so far disbursed approximately $2 billion across pivotal sectors like manufacturing, aviation, and petroleum.
A statement signed by the Acting Director of the Corporate Communications Department at the CBN, Hakama Ali, said the management of the CBN is committed to settling all legitimate foreign exchange backlogs within a short time frame.
According to her, the CBN had begun implementing a comprehensive strategy to improve liquidity in the Nigerian foreign exchange markets in the short, medium, and long term.
“As the Governor said, the CBN’s focus is on addressing fundamental issues that have hindered the effective operation of the Nigerian FX markets over the years,” she said.
READ ALSO: More than 11 million people inject drugs globally – Report
In addressing the recent forex market reforms, Mrs Ali reiterated the bank’s goal of streamlining exchange rates, fostering transparency, and minimizing arbitrage opportunities.
She expressed confidence that a stable exchange rate would instil investor trust and attract foreign investment.
Mrs Ali urged market participants to adhere to regulations, emphasising that transparency in the market would ensure fair exchange rate determination and overall stability for businesses and individuals.
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: Call Willie – +2348098788999
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