Thursday, June 13, 2024
Home Business CBN CLEARS MORE VERIFIED FX LIABILITIES BACKLOG .…RELEASES $500M TO VARIOUS SECTORS

CBN CLEARS MORE VERIFIED FX LIABILITIES BACKLOG .…RELEASES $500M TO VARIOUS SECTORS

In its determination to address the backlog of verified foreign exchange transactions, the Central Bank of Nigeria (CBN) has released US$500 million to various sectors.
This comes barely a week after the Bank paid approximately US $2.0 billion to settle outstanding commitments across manufacturing, aviation, and petroleum sectors.
The Acting Director of the Corporate Communications Department at the CBN, Hakama Sidi Ali, stated this in Abuja, noting that the Management of the CBN is committed to settling all legitimate foreign exchange backlogs within a short time frame.
Reiterating the assurances of the Governor, Olayemi Cardoso, Sidi Ali said the CBN had begun implementing a comprehensive strategy to improve liquidity in the Nigerian foreign exchange markets in 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.
While noting that the forex market reforms were designed to streamline and unify multiple exchange rates, foster transparency, and reduce arbitrage opportunities, Sidi Ali expressed confidence that a stable exchange rate will boost investor confidence and attract foreign investment.
She, therefore, urged all participants in the market to play by the rules, stressing that transparency in the market would enable the fair determination of exchange rates and, by extension, guarantee stability for businesses and individuals alike.
It will be recalled that the CBN, over the past few months, has released various sums in its effort to clear the backlog of foreign exchange liabilities.
RELATED ARTICLES

LICENSE REVOCATION : CBN COUNTERS CLAIM OF MORE LICENCE REVOCATION.

The Central Bank of Nigeria (CBN) has reassured members of the banking public of the safety of their deposits and the banking system's resilience....

SON HOSTS MEETING WITH OPERATORS OF THE SPECIAL ECONOMIC ZONES. 

The Standards Organization of Nigeria (SON), hosted operators of the Special Economic Zones to discuss grey areas surrounding the implementation of the Special Economic...

NSDC BOSS ASSURES THAT THE ONGOING REFORMS WILL UNLOCK THOUSANDS OF JOBS IN SUGAR INDUSTRY.

The Executive Secretary/CEO of the National Sugar Development Council (NSDC), Kamar Bakrin, has assured that the ongoing reforms by the Council and expansion plans...

Most Popular

NNPC LTD.,GOLAR LNG, SIGNS PDA ON 400-500MMSCF GAS DEAL.

In furtherance of its commitment to monetize Nigeria's vast natural gas resources, the NNPC Limited has executed a Project Development Agreement (PDA) with Golar...

CHIEF OF ARMY STAFF DIRECTS  IMMEDIATE INVESTIGATION OF INCIDENT AT COMMAND SECONDARY SCHOOL IYANA IPAJA.

In response to the recent concerns raised by the Association of Senior Civil Servants of Nigeria (ASCSN) regarding the treatment of civilian workers at...

LICENSE REVOCATION : CBN COUNTERS CLAIM OF MORE LICENCE REVOCATION.

The Central Bank of Nigeria (CBN) has reassured members of the banking public of the safety of their deposits and the banking system's resilience....

SON HOSTS MEETING WITH OPERATORS OF THE SPECIAL ECONOMIC ZONES. 

The Standards Organization of Nigeria (SON), hosted operators of the Special Economic Zones to discuss grey areas surrounding the implementation of the Special Economic...

Recent Comments