The Central Bank of Nigeria (CBN) has released US$500 million to settle outstanding commitments across manufacturing, aviation, and petroleum sectors, barely a week after the Bank paid another $2.0 billion

The Acting Director of the Corporate Communications Department at the CBN, Mrs. Hakama Sidi Ali, who stated this in Abuja on Monday, noting that the Management of the CBN was committed to settling all legitimate foreign exchange backlogs within a short time frame.

Sidi Ali while restating CBN Governor’s assurances said the CBN had begun implementing a comprehensive strategy to improve liquidity in the Nigerian foreign exchange markets in the short, medium, and long term.

She 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 noted that the forex market reforms were designed to streamline and unify multiple exchange rates, foster transparency, and reduce arbitrage opportunities, and expressed confidence that a stable exchange rate would boost investor confidence and attract foreign investment.

Ali therefore, 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.

It will be recalled that the CBN, over the past few months, has released various sums in its effort to clear the backlog of foreign exchange liabilities.