CBN Addresses Forex Liabilities Backlog, Releases Additional $500 Million

Eko Hot Blog reports In a continued effort to resolve the verified foreign exchange (forex) transaction backlog, the Central Bank of Nigeria (CBN) has released an additional sum of US$500 million across various sectors.

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This move follows the recent payment of approximately US$2.0 billion to settle outstanding commitments in the manufacturing, aviation, and petroleum sectors.

Mrs. Hakama Sidi Ali, the Acting Director of the Corporate Communications Department at the CBN, confirmed this development in Abuja on Monday, January 29. She emphasized the CBN’s commitment to clearing all legitimate forex backlogs promptly.

“The Management of the CBN is dedicated to settling all legitimate forex backlogs within a short time frame,” stated Sidi Ali, echoing the assurances given by Governor Olayemi Cardoso.

She explained that the CBN had initiated a comprehensive strategy to enhance liquidity in the Nigerian forex markets in the short, medium, and long term.

Highlighting the focus on addressing fundamental issues that have impeded the effective operation of the Nigerian forex markets, Sidi Ali outlined the reforms aimed at streamlining and unifying multiple exchange rates, enhancing transparency, and reducing arbitrage opportunities.

Sidi Ali expressed confidence that a stable exchange rate would bolster investor confidence and attract foreign investment. She urged all market participants to adhere to regulations, emphasizing that transparency would ensure fair exchange rate determination, providing stability for businesses and individuals alike.

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The CBN has consistently released funds over the past few months to address the backlog of foreign exchange liabilities. The ongoing efforts underscore the central bank’s commitment to fostering a more efficient and transparent forex market in Nigeria.

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