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CBN releases $500m to address forex backlogs

CBN Continues Efforts to Enhance Liquidity and Resolve Outstanding Transactions

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The Central Bank of Nigeria has announced the release of $500 million to various sectors as part of its ongoing efforts to tackle the backlog of verified foreign exchange transactions, revealed its Acting Director of the Corporate Communications Department, Mrs. Hakama Sidi-Ali, in a statement from Abuja on Monday.

This move follows closely on the heels of the apex bank’s recent payment of approximately $2 billion to settle outstanding commitments across diverse sectors, demonstrating the institution’s commitment to resolving legitimate foreign exchange backlogs within an expedited timeframe.

Sidi-Ali emphasized the CBN’s dedication to implementing a comprehensive strategy aimed at enhancing liquidity in Nigeria’s foreign exchange markets across short, medium, and long-term horizons. She reiterated the institution’s focus on addressing longstanding issues that have impeded the effective functioning of the Nigerian FX markets.

The latest injection of funds underscores the CBN’s proactive stance in navigating challenges and ensuring stability within the nation’s financial landscape, reflecting its unwavering commitment to fostering economic resilience and facilitating smooth transactions across sectors.

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