CBN Releases $5 Billion to Settle Backlog of FOREX Transactions


The Central Bank of Nigeria CBN in its determination to address the backlog of verified foreign exchange (forex) transactions, has released five hundred million dollars to various sectors.

This comes barely a week after the Bank paid approximately two billion dollars to settle outstanding commitments across manufacturing, aviation, and petroleum sectors.

The Acting Director, Corporate Communications Department at the CBN, Mrs. Hakama Sidi Ali, stated this in Abuja.

She noted that the management of the CBN was committed to settling all legitimate forex backlogs within a short time frame.

Reiterating the assurances of the Governor, Mr. 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.

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