Modupe Gbadeyanka
By Aduragbemi Omiyale
An additional $500 million has been released by the Central Bank of Nigeria (CBN) to clear the verified foreign exchange (FX) backlog.
The Acting Director of the Corporate Communications Department of the apex bank, Mrs Hakama Sidi Ali, confirmed this in Abuja on Monday.
The new release of $500 million from the central bank is coming some days after the sum of $2 billion was made available to settle part of the $7 billion forex backlogs owed foreign airline operators and others.
The spokesperson of the CBN urged 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, by extension, guarantee stability for businesses and individuals alike.
She said the apex bank, led by Mr Yemi Cardoso, was committed to settling all legitimate foreign exchange backlogs within a short time frame.
According to her, 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 FX markets over the years,” she stated.
While noting that the forex market reforms were designed to streamline and unify multiple exchange rates, foster transparency, and reduce arbitrage opportunities, Mrs Sidi Ali expressed confidence that a stable exchange rate would boost investor confidence and attract foreign investment.
