Wednesday, July 9, 2025
  • About
  • Advertise
  • Careers
  • Contact
The Reflector Newspaper
  • Home
  • News
  • Politics
  • Featured
  • Foreign News
  • Business
  • Opinions
  • Sport
  • Crime
  • Others
    • Education
    • Economy
    • Entertainment
    • Fashion & Style
    • Health
    • Interview
    • Love & Relationships
    • Technology
  • Login
No Result
View All Result
The Reflector Newspaper
Home Business

CBN Releases $500m To Clear Foreign Exchange Backlog

Adams Bamidele by Adams Bamidele
January 29, 2024
in Business, Featured, News
0
Pump Prices Of Petrol To Fall Soon – CBN Governor
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedInShare on WhatsAppShare on TelegramSend to Email

The Central Bank of Nigeria (CBN) has released $500 million to various sectors to further address the backlog of verified foreign exchange transactions.

This comes barely a week after the apex bank paid approximately $2 billion to settle outstanding commitments across manufacturing, aviation, and petroleum sectors.

Related posts

No Commissioner Was Arrested – Ebonyi Govt

Additional states in to address imbalance – Gov Nwifuru

July 9, 2025
Abia Monarch, Traditional Council Disagree Over Suspension

Abia Monarch, Traditional Council Disagree Over Suspension

July 9, 2025

The Acting Director of the Corporate Communications Department at the CBN, Mrs. Hakama Sidi Ali, 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.

Reiterating the assurances of the Governor, Mr. Olayemi Cardoso, Sidi Ali 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.

“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,” she added.

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

She, 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.

The Reflector Newspaper's newsletters cover a variety of topics, from daily news to lifestyle content, markets info to medical news. Subscribe to get the latest information.

Unsubscribe
Previous Post

I Have No Governorship Ambition, Says Dele Alake

Next Post

Nigeria Has Been Kidnapped By John Paul

Next Post
Nigeria Has Been Kidnapped By John Paul

Nigeria Has Been Kidnapped By John Paul

RECOMMENDED NEWS

2027: Nwoko Appreciates Constituents’ Endorsement Of Him, Tinubu, Oborevwori

2027: Nwoko Appreciates Constituents’ Endorsement Of Him, Tinubu, Oborevwori

3 weeks ago
Nothing Wrong If Fubara Joins APC – Ijaw President

Nothing Wrong If Fubara Joins APC – Ijaw President

1 month ago
APC’s 9 Years In Power Damage Nigeria’s Economy – Peter Obi

Peter Obi Urges Nigerian Government To Prioritize Education Investment To Tackle Poverty, Human Trafficking

11 months ago
BREAKING: Fire Guts 7-Storey Building In Lagos

BREAKING: Fire Guts 7-Storey Building In Lagos

11 months ago

FOLLOW US

BROWSE BY CATEGORIES

  • Business
  • Crime
  • Economy
  • Education
  • Entertainment
  • Fashion & Style
  • Featured
  • Foreign News
  • Health
  • Interview
  • Love & Relationships
  • News
  • Opinions
  • Politics
  • Sport
  • Technology
  • Uncategorized

BROWSE BY TOPICS

#EndBadGovernance protest 2027 Elections ADC Akpabio Alaafin Of Oyo APC Atiku Bola Tinubu Coalition Dangote Refinery Defection Donald Trump Economic and Financial Crimes Commission (EFCC) Economic Hardship EFCC Emergency Rule Federal Government of Nigeria Fubara Fuel Price Fuel Price Hike Gunmen INEC JAMB Natasha National Power Grid Nigerian National Petroleum Company Limited (NNPCL) Nigeria Police Force Nnamdi Kanu NNPC NNPCL PDP PDP Crisis Peter Obi Petrol Price President Ahmed Bola Tinubu Rivers Administrator Rivers Assembly Rivers Crisis Senate Sexual Harassment Tinubu UTME VeryDarkMan WAEC Wike

POPULAR NEWS

  • Congo’s President Daughter’s Bedroom Surfaces Online

    Congo’s President Daughter’s Bedroom Surfaces Online

    0 shares
    Share 0 Tweet 0
  • Economy Bleeds As Naira Hits Record Low With N72.58 Depreiciation Against Dollar

    0 shares
    Share 0 Tweet 0
  • Old Naira Notes Remain Valid – CBN

    0 shares
    Share 0 Tweet 0
  • Gospel Actress, Flora Of Abattoir Movie Series Is Dead

    0 shares
    Share 0 Tweet 0
  • JUST IN: FCT Minister Wike Leads Eid-El-Fitr Homage To President Tinubu Amid Death Rumors

    0 shares
    Share 0 Tweet 0
The Reflector Newspaper

Our mission at The Reflector Newspaper is to cultivate a dynamic digital space where truth, integrity, and diversity thrive.

Follow us on social media:

Recent News

  • Additional states in to address imbalance – Gov Nwifuru
  • Abia Monarch, Traditional Council Disagree Over Suspension
  • US Embassy Begins Screening Nigerian Students’ Social Media Accounts
  • Tinubu’s government cooking up lies against ADC to distract Nigerians – Atiku

Category

  • Business
  • Crime
  • Economy
  • Education
  • Entertainment
  • Fashion & Style
  • Featured
  • Foreign News
  • Health
  • Interview
  • Love & Relationships
  • News
  • Opinions
  • Politics
  • Sport
  • Technology
  • Uncategorized

Recent News

No Commissioner Was Arrested – Ebonyi Govt

Additional states in to address imbalance – Gov Nwifuru

July 9, 2025
Abia Monarch, Traditional Council Disagree Over Suspension

Abia Monarch, Traditional Council Disagree Over Suspension

July 9, 2025
  • About
  • Advertise
  • Careers
  • Contact

Copyright © 2024 The Reflector Newspaper. Website designed by Mavens Designs.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • Login
  • Home
  • News
  • Politics
  • Featured
  • Foreign News
  • Business
  • Opinions
  • Sport
  • Crime
  • Others
    • Education
    • Economy
    • Entertainment
    • Fashion & Style
    • Health
    • Interview
    • Love & Relationships
    • Technology

Copyright © 2024 The Reflector Newspaper. Website designed by Mavens Designs.

Verified by MonsterInsights