CBN Injects US$500 Million Into Various Economic Sectors

The Central Bank of Nigeria (CBN) has released US$500 million to various sectors of the economy. 

              Olayemi Cardoso, The Governor of CBN

Mrs. Hakama Sidi Ali, the Acting Director of the Corporate Communications Department at the CBN, stated this in Abuja on Monday, Janaury 29.

She assured Nigerians that the Management of the CBN was dedicated to settling all legitimate forex arrears within a short time frame via addressing the backlog of verified foreign exchange (forex) transactions.

She, therefore, encouraged all participants in the market to play by the rules. While emphasizing that transparency in the market would enable the fair determination of exchange rates and, by extension, guarantee stability for businesses and individuals alike.

She reiterated the assurances of the Governor, Mr. Olayemi Cardoso, highlighting that the Apex Bank had begun implementing a comprehensive strategy to improve liquidity in the Nigerian foreign exchange markets in the short, medium, and long term.

It would 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.

Less than a week ago the Central Bank paid roughly US $2.0 billion to settle outstanding commitments across the aviation, manufacturing, and petroleum sectors.