Home Business CBN Injects $500M into FX Market
BusinessNews

CBN Injects $500M into FX Market

662

The Central Bank of Nigeria (CBN) has recently injected an additional $500 million into the foreign exchange market, following a previous disbursement of around $2 billion across key sectors including manufacturing, aviation, and petroleum.

This move is part of the CBN’s ongoing effort to address the backlog of verified foreign exchange transactions and improve market liquidity.

Hakama Ali, the Acting Director of the Corporate Communications Department at the CBN, emphasised the bank’s commitment to settling all legitimate FX backlogs promptly. “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 said.

She further outlined the CBN’s comprehensive strategy, focusing on short, medium, and long-term improvements in the Nigerian foreign exchange markets.

The CBN’s initiatives aim to tackle fundamental issues that have long hampered the efficiency of the FX markets. Key aspects of these reforms include streamlining and unifying exchange rates, fostering transparency, and minimising opportunities for arbitrage.

Ali expressed confidence that these measures, by ensuring a stable exchange rate, would bolster investor trust and encourage foreign investment. She also called on everyone to comply with the regulations, stressing that market transparency is crucial for fair exchange rate determination and maintaining overall stability for businesses and individuals.

 

 

 

 

About The Author

Related Articles

Ghana's transit trade
NewsTravel

Ghana Defends Decision to Accept U.S. Deportees, Rejects Claims of Endorsing Trump’s Immigration Policy

Ghana’s government has defended its decision to accept West African migrants deported...

In a ministerial meeting of the Confederation of Sahel States (AES) held in Bamako on January 16, 2025, key decisions emerging from the session include establishing a Regional Investment Bank and launching transformative infrastructure projects across member states.
News

Niamey Hosts Second Meeting Of Justice Ministers of CSS, Discussions Focus on Judicial Reforms and Regional Integration

Niamey on Monday played host to the second meeting of justice ministers...

News

Former Niger Minister Ibrahim Yacoubou Questioned Over Alleged Human Sacrifice Case

The Attorney General at the Niamey Court of Appeal has confirmed that...

Amusan
News

Nigeria’s Tobi Amusan Wins Silver In 100m Hurdles At World Championships

Nigeria’s Tobi Amusan has clinched the silver medal in the women’s 100m...