The Central Bank of Nigeria has given out a brand new $500m to various sectors of the economy to address the fX challenge.
This was mentioned at the country’s capital by the Acting Director, of the Corporate Communications Department of CBN, Hakama Sidi- Ali.
According to her, this is coming a few days after the central bank settled outstanding $2 billion debts across various sectors.
Hakama Sidi- Ali said that the Central Bank would soon settle all legitimate foreign exchange backlogs.
She said the CBN had started putting an extensive and comprehensive strategy in place to improve fluidity in the Nigerian foreign exchange markets in the short, medium, and long terms.
“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,”
-Hakama Sidi- Ali said
At the same time, she said that the FX market reforms were aimed at cutting out and marrying multiple exchange rates, fostering transparency, and accountability and lessening arbitrage opportunities.
She confidently said that a stable exchange rate would raise the morale of investors and also attract foreign investment.
She encouraged all players in the market to play by the rules. She also added that transparency in the market would facilitate the fair determination of exchange rates.
