CBN Announces Release Of $500 Million To Various Sectors

The Central Bank of Nigeria (CBN) has announced the release of the sum of $500 million to various sectors to address the backlog of verified foreign exchange transactions.
This release of the funds is coming barely a week after the Bank paid approximately $2 billion to settle outstanding commitments across manufacturing, aviation, and petroleum sectors.
The Acting Director of the Corporate Communications Department of the apex, Mrs. Hakama Sidi Ali, in a statement today, January 29, said that the Management of the bank is committed to settling all legitimate foreign exchange backlogs within a short time frame.
Hakama Sidi Ali stressed the assurances of the apex bank’s boss, Olayemi Cardoso, Sidi Ali on steady development of workable policies and continued implementation of comprehensive strategy to improve liquidity in the nation’s 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 she said that the forex market reforms have been designed to streamline and unify multiple exchange rates, foster transparency, and reduce arbitrage opportunities, even as she expressed confidence that a stable exchange rate would boost investor confidence and attract foreign investment.
She advised all participants in the market to play by the rules, stressing that transparency in the market would enable the fair determination of exchange rates and guarantee stability for businesses and individuals alike.
It will be recalled that the CBN, over the past few months, has released various sums in its effort to clear the backlog of foreign exchange liabilities.