Naira to dollar: CBN injects $500m to clear forex backlog

The Central Bank of Nigeria (CBN) has announced the injection of an additional $500 million to address the foreign exchange backlog.

Hakama Sidi Ali, Acting Director of the Corporate Communications Department at the CBN, made this known Abuja on Monday.

Sidi Ali reiterated the CBN’s dedication to settling outstanding foreign exchange obligations swiftly, reassuring Nigerians of the central bank’s comprehensive strategy to enhance liquidity in the country’s forex markets in the short, medium, and long term.

“The Management of the CBN is committed to settling all legitimate foreign exchange backlogs within a short time frame,” she affirmed.

The spokesperson for the CBN highlighted that the ongoing strategy aims to address fundamental issues that have hindered the effective functioning of Nigeria’s forex markets over the years.

“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,” she added