In its determination to address the backlog of verified foreign exchange transactions, the Central Bank of Nigeria (CBN) claims to have distributed 500 million dollars to various sectors.
Mrs Hakama Sidi-Ali, CBN’s Acting Chief, Corporate Correspondences Division, expressed this in a proclamation on Monday in Abuja.
This, according to Sidi-Ali, comes just a week after the apex bank paid approximately 2.0 billion dollars to settle unpaid commitments in the petroleum, aviation, and manufacturing industries.
She said that the administration of the CBN was focused on settling all real unfamiliar trade excesses inside a brief period of time.
She stated that the Central Bank of Nigeria (CBN) had begun implementing a comprehensive strategy to increase short-, medium-, and long-term liquidity in Nigerian foreign exchange markets.
the CBN’s attention is on resolving major issues that have thwarted the compelling activity of the Nigerian FX markets throughout the long term,” she said.
Sidi-Ali said that the forex market changes were intended to smooth out and bind together numerous trade rates, cultivate straightforwardness, and lessen exchange open doors.
She expressed optimism that a steady exchange rate would attract foreign investment and boost investor confidence.
She advised all market participants to play by the rules and stated that market transparency would make it possible for exchange rates to be determined fairly.
the CBN, throughout recent months, has delivered different aggregates in its work to get the excess free from unfamiliar trade liabilities.
