To address the backlog of verified FX transactions, CBN releases $500 million

The CBN's administration was dedicated to clearing all valid foreign exchange backlogs as quickly as possible.500 million dollars have reportedly been issued to various sectors by the Central Bank of Nigeria (CBN) as part of its efforts to clear the backlog of confirmed foreign exchange transactions.The Corporate Communications Department's Acting Director of CBN, Hakama Sidi-Ali, made this announcement in an Abuja statement on Monday.Sidi-Ali claims that this occurred just one week after the top bank settled outstanding debts in the aerospace, manufacturing, and petroleum industries by paying almost US$2.0 billion. She said that the management of the CBN was committed to settling all legitimate foreign exchange backlogs within a short time frame. She said the CBN had begun implementing a comprehensive strategy to improve liquidity in the Nigerian foreign exchange markets in the short, medium, and long terms.