By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Times ReportersTimes Reporters
  • Home
  • News
  • Politics
  • Business
    • Economy
  • Sports
  • Entertainment
  • About Us
  • Bookmarks
Search
  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
© 2024 Times Reporters | All Rights Reserved.
Reading: CBN pumps $500m into forex market, vows to resolve all backlogs soon
Share
Sign In
Notification Show More
Latest News
FG pledges quality education as Yobe students win global contest
Education Metro News
Glisten Academy, partners train teachers on AI, robotics skills
Education Metro News
Abdulsalami, Obasanjo, Jonathan,Others For Care365 Health Hub Commissioning In Abuja
Health Metro News
Navigating Nigeria’s Maritime Future: Aisha Achimugu’s Push to Reposition the Nation as a Regional Trade Powerhouse
Business Economy Maritime Blue economy Metro News Opinion Transportation
NPC to Partner with ACOE As DG Applauds Tinubu-Led Administration
Business Economy Media Metro News
Aa
Times ReportersTimes Reporters
Aa
  • Home
  • News
  • Politics
  • Business
  • Sports
  • Entertainment
  • About Us
Search
  • Home
  • News
  • Politics
  • Business
  • Sports
  • Entertainment
  • About Us
Have an existing account? Sign In
Follow US
  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
© 2024 Times Reporters | All Rights Reserved.
Times Reporters > Business > Economy > CBN pumps $500m into forex market, vows to resolve all backlogs soon
BusinessEconomyNews

CBN pumps $500m into forex market, vows to resolve all backlogs soon

Publisher
By Publisher Published January 30, 2024
Share
2 Min Read
CBN
SHARE

By Chidiebere Ugwu

The Central Bank of Nigeria (CBN) says it has pumped an additional $500 million into the volatile foreign exchange market to address persistent transaction backlogs.

The latest development from the bank of Lenders of Last Resort (LoR) comes barely a week after disbursing approximately $2 billion aimed at settling outstanding commitments in key sectors.

Mrs. Hakama Sidi-Ali, Acting Director of the Corporate Communications Department at the CBN, made this known in Abuja on Monday.

According to her, all forex backlogs will be resolved in a short timeframe by the bank.

Sidi-Ali said: “The management of the CBN is committed to settling all legitimate foreign exchange backlogs within a short time frame.”

She assured Nigerians that the CBN is implementing a comprehensive strategy to improve liquidity in the Nigerian foreign exchange markets in the short, medium, and long term.

This strategy, according to the CBN spokesperson, is focused on addressing fundamental issues that have hindered the effective operation of the Nigerian forex markets over the years.

She added: “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.”

It is recalled that the apex bank paid approximately $2 billion in its bid to clear the backlog of outstanding foreign exchange liabilities across various sectors.

According to a statement, the benefiting sectors include manufacturing, aviation, and petroleum.

Sidi-Ali said the bank had also cleared the entire liability of 14 banks and started settlements with foreign airlines, adding that it would continue the settlement of the verified FX backlog.

She said that payment of the FX backlog for qualified transactions had commenced, adding that the CBN had commissioned an independent forensic review by a reputable firm.

Like this:

Like Loading...

Related

You Might Also Like

FG pledges quality education as Yobe students win global contest

Glisten Academy, partners train teachers on AI, robotics skills

Abdulsalami, Obasanjo, Jonathan,Others For Care365 Health Hub Commissioning In Abuja

Navigating Nigeria’s Maritime Future: Aisha Achimugu’s Push to Reposition the Nation as a Regional Trade Powerhouse

NPC to Partner with ACOE As DG Applauds Tinubu-Led Administration

TAGGED: CBN, forex, FX

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Publisher January 30, 2024
Share this Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Copy Link Print
Share
Previous Article Nigerian Navy nabs a boat with 11 oil thieves
Next Article Rivers Police gun down notorious pirate, rescue infant from syndicate
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe
Telegram Follow

– Member of –

- Advertisement -
Ad imageAd image

Latest News

FG pledges quality education as Yobe students win global contest
Education Metro News August 28, 2025
Glisten Academy, partners train teachers on AI, robotics skills
Education Metro News August 28, 2025
Abdulsalami, Obasanjo, Jonathan,Others For Care365 Health Hub Commissioning In Abuja
Health Metro News August 28, 2025
Navigating Nigeria’s Maritime Future: Aisha Achimugu’s Push to Reposition the Nation as a Regional Trade Powerhouse
Business Economy Maritime Blue economy Metro News Opinion Transportation August 27, 2025

You Might also Like

EducationMetroNews

FG pledges quality education as Yobe students win global contest

August 28, 2025
EducationMetroNews

Glisten Academy, partners train teachers on AI, robotics skills

August 28, 2025
HealthMetroNews

Abdulsalami, Obasanjo, Jonathan,Others For Care365 Health Hub Commissioning In Abuja

August 28, 2025
BusinessEconomyMaritime Blue economyMetroNewsOpinionTransportation

Navigating Nigeria’s Maritime Future: Aisha Achimugu’s Push to Reposition the Nation as a Regional Trade Powerhouse

August 27, 2025
Times ReportersTimes Reporters
Follow US

© 2024 Times Reporters | Deigned by AuspiceWeb Graphics. All Rights Reserved.

  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
Join Us!

Subscribe to our newsletter and never miss our latest news!

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?
%d