Mohammed Shosanya
The Central Bank of Nigeria (CBN) has released US$500 million to various sectors in its determination to address the backlog of verified foreign exchange (forex) transactions.
The Acting Director of the Corporate Communications Department at the CBN, Mrs. Hakama Sidi Ali,who stated this in Abuja on Monday,noted that the Management of the CBN was committed to settling all legitimate forex backlogs within a short time frame.
The statement quoted the apex bank boss as saying that the CBN had begun implementing a comprehensive strategy to improve liquidity in the Nigerian 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 forex markets over the years,” it added.
The apex bank noted that the forex market reforms were designed to streamline and unify multiple exchange rates, foster transparency, and reduce arbitrage opportunities.
The bank expressed confidence that a stable exchange rate would boost investor confidence and attract foreign investment.
The bank also urged all participants in the market to play by the rules. She aslo stressed that transparency in the market would enable the fair determination of exchange rates and, by extension, guarantee stability for businesses and individuals alike.
