Abuja, Jan. 29, 2024 – The Central Bank of Nigeria (CBN) has injected $500 million into the foreign exchange market.
Hakama Sidi Ali, the Acting Director of the Corporate Communications Department at the CBN, said this in a statement on Monday
“The Management of the CBN is committed to settling all legitimate foreign exchange backlogs within a short time frame.”
She said the CBN was implementing a comprehensive strategy to improve liquidity in the Nigerian foreign exchange market in the short, medium, and long term.
According to her, the bank is focused on addressing fundamental issues that have hindered the effective operation of the Nigerian forex markets over the years.
“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.”
Sidi Ali said the current reforms were designed to streamline and unify multiple exchange rates, foster transparency, and reduce arbitrage opportunities.
She expressed confidence that a stable exchange rate would boost investor confidence and attract foreign investment.
“We believe that a stable exchange rate will boost investor confidence and attract foreign investment.”
Sidi Ali urged all participants in the forex market to play by the rules, emphasizing that transparency in the market would enable the fair determination of exchange rates and, by extension, guarantee stability for businesses and individuals alike.
“We urge all participants in the market to play by the rules. Transparency in the market will enable the fair determination of exchange rates and, by extension, guarantee stability for businesses and individuals alike.” (GBN)
