CBN releases $500m to clear more verified Forex liabilities

Date:

January 30, 2024.

Thank you for reading this post, don't forget to subscribe!

Azonuchechi Chukwu.

The Central Bank of Nigeria (CBN) says it has released 500 million dollars to various sectors in its determination to address the backlog of verified foreign exchange transactions.

Mrs Hakama Sidi-Ali, CBN’s Acting Director, Corporate Communications Department, said this in a a statement on Monday in Abuja.

According to Sidi-Ali, this comes barely a week after the apex bank paid approximately 2.0 billion dollars to settle outstanding commitments across manufacturing, aviation, and petroleum sectors.

She said that the management of the CBN was committed to settling all legitimate foreign exchange backlogs within a short time frame.

She said the CBN had begun implementing a comprehensive strategy to improve liquidity in the Nigerian foreign exchange markets in the short, medium, and long terms.

“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 said.

Sidi-Ali said that the forex market reforms were designed to streamline and unify multiple exchange rates, foster transparency, and reduce arbitrage opportunities.

She expressed confidence that a stable exchange rate would boost investor confidence and attract foreign investment.

She urged all participants in the market to play by the rules, adding that transparency in the market would enable the fair determination of exchange rates.

The CBN over the past few months, has released various sums in its effort to clear the backlog of foreign exchange liabilities.(www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

Share post:

Subscribe

Popular

More like this
Related

“Sanwo-Olu Tests Red Line Train Before Commissioning”

•Governor takes 15mins trip from Ikeja to Iju, says...

Gunmen Kill NDLEA Officer, Abducts Three Others In Sokoto

February 24, 2024. Azonuchechi Chukwu. Gunmen who struck along Sultan Abubakar...

Lagos-Based Businessman On The Run After Beating His Wife To Death

February 24, 2024. Azonuchechi Chukwu. Authorities are in pursuit of Stephen...

Rosy Meurer finally speaks on husband, Olakunle Churchill taking 2nd wife

February 24, 2024. Azonuchechi Chukwu. Nigerian film actress, Rosy Meurer, has...
WP to LinkedIn Auto Publish Powered By : XYZScripts.com