The Central Bank of Nigeria [CBN] says it is injecting another $500 million to clear the foreign exchange backlog.
Acting Director of the Corporate Communications Department at the CBN, Hakama Sidi;Ali, made this known in Abuja on Monday [today].
She reiterated the bank’s commitment to settling all legitimate forex backlogs quickly.
“The Management of the CBN is committed to settling all legitimate foreign exchange backlogs within a short time frame,” she stated.
Hakama also said the CBN was implementing a comprehensive strategy to improve liquidity in the country’s foreign exchange markets in the short, medium, and long term.
According to the CBN spokesperson, 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.”
The development comes barely a week after the bank injected approximately $2 billion to settle outstanding commitments across the manufacturing, aviation, and petroleum sectors.
In December last year, the International Air Transport Association, IATA, threatened to expel Nigeria over a $790 million trapped fund.
