Home Business CBN Injects $500M into FX Market
BusinessNews

CBN Injects $500M into FX Market

408

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

NewsSecurity

US Mission in Nigeria Assures ‘Comprehensive Monitoring’ in Response to Boko Haram Funding Allegations

The U.S. Mission in Nigeria has issued a vague statement following public...

Nigeria’s inflation rebasing
FinanceNews

Nigeria’s Inflation Drops to 24.48% After CPI Rebasing, Hardship Persists 

Nigeria’s inflation rate fell to 24.48 per cent in January 2025 from...

Nigerian subscribers have expressed outrage following Airtel Nigeria’s decision to increase its data and call tariffs, raising the cost of various data bundles and increasing call tariffs from 18 kobo per second to 25 kobo per second.
News

Subscribers Lament as Airtel Increases Data and Call Price by 50 per cent

Subscribers have expressed outrage following Airtel Nigeria’s decision to increase its data...

Manufacturers
BusinessNews

Manufacturers Association Says “Sector Is on Its Last Breath,” Tells FG to Stop Interest Rate Hikes

The Manufacturers Association of Nigeria (MAN) has raised alarm over the deteriorating...