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CBN Under Yemi Cardoso Reportedly Boosts Forex Market With $500 Million Injection, Pledges Swift Clearance Of Backlog
CBN Under Yemi Cardoso Reportedly Boosts Forex Market With $500 Million Injection, Pledges Swift Clearance Of Backlog....KINDLY READ THE FULL STORY HERE▶
Written By Oshiobugie John
The Central Bank of Nigeria (CBN) has taken decisive action by injecting an additional $500 million into the market, aiming to tackle the persistent backlog of verified foreign exchange (forex) transactions across the country. CONTINUE READING
Mrs. Hakama Sidi Ali, Acting Director of the Corporate Communications Department at the CBN, disclosed this development in Abuja on Monday, January 29. She underscored the bank’s unwavering commitment to promptly settling all legitimate forex backlogs.
“The Management of the CBN is committed to settling all legitimate foreign exchange backlogs within a short time frame.”
Sidi Ali also reassured Nigerians that the CBN is implementing a comprehensive strategy to enhance liquidity in the Nigerian foreign exchange markets in the short, medium, and long term. This strategy, she explained, focuses on addressing fundamental issues that have impeded the effective operation of the Nigerian forex markets for years.
“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 highlighted that the forex market reforms aim to streamline and unify multiple exchange rates, foster transparency, and reduce arbitrage opportunities. Sidi Ali expressed confidence that a stable exchange rate would enhance investor confidence and attract foreign investment.
“We believe that a stable exchange rate will boost investor confidence and attract foreign investment.”
Sidi Ali urged all participants in the forex market to adhere to the rules, emphasizing that transparency would facilitate the fair determination of exchange rates, ensuring stability for businesses and individuals alike.
“We urge all participants in the market to play by the rules. Transparency in the market will enable the fair determination of exchange rates and, by extension, guarantee stability for businesses and individuals alike.”
The CBN’s recent intervention is part of a series of measures taken by the bank in recent months to address the forex backlog. This injection follows closely on the heels of the bank’s approximately $2 billion injection to settle outstanding commitments in the manufacturing, aviation, and petroleum sectors.
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