Nigeria's Central Bank (CBN) is stepping up efforts to clear the foreign exchange (forex) backlog, this time injecting $500 million into the market. This follows their previous $2 billion intervention just last week.
Clearing the Backlog:
CBN spokesperson Hakama Sidi Ali reaffirmed the bank's commitment to tackling verified forex backlog quickly. "We are committed to settling all legitimate forex backlogs within a short timeframe," she declared.
Boosting Liquidity and Transparency:
Beyond immediate relief, the CBN is implementing a long-term strategy to improve forex market liquidity. This plan focuses on addressing root causes that have hampered the market's smooth operation.
Streamlining and Stability:
Sidi Ali outlined forex market reforms aimed at streamlining and unifying multiple exchange rates, fostering transparency, and reducing opportunities for unfair trading. The CBN believes these reforms will lead to a stable exchange rate, attracting more investment.
Playing by the Rules:
The CBN urges all market participants to uphold regulations. "Transparency is crucial," emphasized Sidi Ali, "for fair exchange rate determination and stability for everyone."
Continued Progress:
This latest intervention builds on the CBN's ongoing efforts to address the forex backlog. Their combined actions aim to improve market stability and support economic growth in Nigeria.
Overall, this revised article condenses the information while maintaining clarity and key points. It also uses more active voice and simpler language for better readability.
Clearing the Backlog:
CBN spokesperson Hakama Sidi Ali reaffirmed the bank's commitment to tackling verified forex backlog quickly. "We are committed to settling all legitimate forex backlogs within a short timeframe," she declared.
Boosting Liquidity and Transparency:
Beyond immediate relief, the CBN is implementing a long-term strategy to improve forex market liquidity. This plan focuses on addressing root causes that have hampered the market's smooth operation.
Streamlining and Stability:
Sidi Ali outlined forex market reforms aimed at streamlining and unifying multiple exchange rates, fostering transparency, and reducing opportunities for unfair trading. The CBN believes these reforms will lead to a stable exchange rate, attracting more investment.
Playing by the Rules:
The CBN urges all market participants to uphold regulations. "Transparency is crucial," emphasized Sidi Ali, "for fair exchange rate determination and stability for everyone."
Continued Progress:
This latest intervention builds on the CBN's ongoing efforts to address the forex backlog. Their combined actions aim to improve market stability and support economic growth in Nigeria.
Overall, this revised article condenses the information while maintaining clarity and key points. It also uses more active voice and simpler language for better readability.