…Finance Minister, Wale Edun, estimates the total foreign exchange backlog at $5 billion, and identified clearing this backlog as a priority for the CBN.
MON, JAN 29 2024-theGBJournal|The Central Bank of Nigeria has released another $500 million aimed addressing foreign exchange (forex) backlog, bringing the total released in the past two weeks to $2.5 billion.
The latest release underscores the apex bank’s drive to settle the outstanding commitments to players in the manufacturing, aviation and petroleum sectors, and then turn focus on addressing the fundamental issues that have hindered the effective operation of the Nigerian forex market over the years.
The Acting Director of Corporate Communication, Mrs Hakama Sidi Ali, announced the payment today in Abuja.
Mrs Ali said the release underscores the CBN’s management commitment to settling all legitimate foreign exchange backlogs within a short time frame.
Finance Minister, Wale Edun, estimates the total foreign exchange backlog at $5 billion, and identified clearing this backlog as a priority for the CBN.
Edun also proposed utilizing available liquidity within the banking system to swiftly address the backlog, either through spot or forward-rate transactions.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
