Hakama Sidi Ali, the Acting Director of the Corporate Communications Department at the apex bank, disclosed this in Abuja on Monday.
She stated that the management of the CBN was committed to settling all legitimate foreign exchange backlogs within a short time frame.
According to her, the CBN, under Olayemi Cardoso’s watch, had commenced implementing a comprehensive strategy to improve liquidity in the Nigerian foreign exchange markets in the short, medium, and long term.
She noted that Cardoso’s focus “is on addressing fundamental issues that have hindered the effective operation of the Nigerian FX markets over the years.”
While pointing out that the forex market reforms were designed to streamline and unify multiple exchange rates, foster transparency, and reduce arbitrage opportunities, the CBN spokesperson expressed optimism that a stable exchange rate would boost investor confidence and attract foreign investments.
She urged all participants in the market to play by the rules, stressing that transparency in the market would enable the fair determination of exchange rates and, by extension, guarantee stability for businesses and individuals alike.
Recently, the apex bank paid approximately $2.0 billion to settle outstanding commitments across manufacturing, aviation, and petroleum sectors. This is aside the various sums it released to clear the backlog of foreign exchange liabilities.