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  • Business - Economy
  • Updated: January 29, 2024

CBN releases $500m to clear forex backlog

CBN releases $500m to clear forex backlog

The Central Bank of Nigeria (CBN) has confirmed the release of $500 million dollars to various sectors in its determination to address the backlog of verified foreign exchange transactions.

This was made known by Hakama Sidi-Ali, CBN’s Acting Director, Corporate Communications Department, in a statement on Monday in Abuja.

Sidi-Ali said this development comes barely a week after the apex bank paid approximately 2.0 billion dollars to settle outstanding commitments across manufacturing, aviation, and petroleum sectors.

According to her, the management of the CBN is committed to settling all legitimate foreign exchange backlogs within a short time frame.

She said the CBN had begun implementing a comprehensive strategy to improve liquidity in the Nigerian foreign exchange markets in the short, medium, and long terms.

“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.

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