- Clears more verified FX liabilities backlog
BY EDMOND ODOK – Not relenting in its resolve to stablise the Naira and address the backlog of verified foreign exchange transactions, the Central Bank of Nigeria (CBN) has pumped an additional $500 million to various sectors of the economy.
The move is coming barely a week after the Bank released about US $2.0 billion to settle outstanding commitments across manufacturing, aviation, and petroleum sectors.
The apex Bank, in a statement issued on Monday and signed by Acting Director of the Corporate Communications Department, Hakama Sidi-Ali, expressed its commitment to “settling all legitimate foreign exchange backlogs within a short time frame.”
The statement, which 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, also said the strategy is focused on addressing fundamental issues that have hindered the effective operation of the Nigerian forex markets over the years.
According to the Sidi-Ali; “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.”
Further explaining that the forex market reforms are designed to streamline and unify multiple exchange rates, foster transparency, and reduce arbitrage opportunities, the CBN’s Spokesperson expressed confidence that “a stable exchange rate will boost investor confidence and attract foreign investment.”
Additionally, she challenged all participants in the forex market to play by the rules, saying; “We urge all participants in the market to play by the rules. Transparency in the market will enable the fair determination of exchange rates and, by extension, guarantee stability for businesses and individuals alike.”
Forefront News notes that in the last few months, the Apex Bank has released various sums in its efforts to clear the backlog of foreign exchange liabilities across many sectors of the economy.
