The Central Bank of Nigeria has granted an additional $500 million to get rid of the verified FX backlog.
According to The Times, the Acting Director of the apex bank’s Corporate Communications Department, Mrs Hakama Sidi Ali, verified this on Monday in Abuja.
The central bank’s new release of $500 million comes just a few days after it made $2 billion available to settle a part of the $7 billion FX backlog owed to international airline operators and others.
The CBN’s spokesperson advised all market participants to play by the rules, noting that transparency in the market would enable the fair setting of exchange rates and, by extension, ensure stability for businesses and individuals alike.
She stated that the Central bank, led by Mr Yemi Cardoso, was dedicated to resolving all genuine foreign exchange backlogs within a reasonable time frame.
According to her, the CBN has began implementing a comprehensive strategy to improve liquidity in Nigeria’s foreign exchange markets for 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 added.
Mrs Sidi Ali expressed optimism that a stable currency rate would increase investor confidence and encourage international investment, pointing out that the FX market changes were intended to streamline and unify various exchange rates, foster transparency, and limit arbitrage opportunities.
