The Central Bank of Nigeria (CBN) has infused an extra five hundred million dollars across various sectors, building on its recent payment of approximately two billion dollars to clear outstanding foreign exchange backlogs within manufacturing, aviation, and petroleum industries.
The announcement came through Hakama Sidi Ali, CBN’s Acting Director of the Corporate Communications Department, in a statement from Abuja on Monday, affirming the apex bank’s dedication to swiftly resolving all legitimate FX backlogs while not specifying the sectors benefiting from the fund.
She reiterated the apex bank’s Governor, Olayemi Cardoso’s commitment to a comprehensive strategy aimed at enhancing liquidity in the Nigerian foreign exchange markets in the short, medium, and long term.
Ali also emphasized ongoing FX market reforms, focusing on the unification of multiple exchange rates, fostering transparency, and diminishing arbitrage opportunities.
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