The Central Bank of Nigeria, CBN, has said that it is injecting another $500 million to clear the foreign exchange backlog.
Hakama Sidi Ali, Acting Director of the Corporate Communications Department at the CBN, disclosed this in Abuja on Monday, January 29.
She said the apex bank is commitment to settling all legitimate forex backlogs quickly.
She noted: “The Management of the CBN is committed to settling all legitimate foreign exchange backlogs within a short time frame.”
Sidi Ali also assured Nigerians that the CBN is implementing a comprehensive strategy to improve liquidity in the country’s foreign exchange markets in the short, medium, and long term.
According to the spokesperson of CBN, this strategy focuses on addressing fundamental issues that have hindered the effective operation of the Nigerian forex markets over the years.
She added: “As the governor said, the CBN focuses on addressing fundamental issues that have hindered the effective operation of the Nigerian FX markets over the years.”
