In a bid to tackle the persistent backlog of verified foreign exchange (forex) transactions, the Central Bank of Nigeria (CBN) has pumped another $500 million into the market.

This move comes just a week after the bank injected roughly $2 billion to settle outstanding obligations across critical sectors like manufacturing, aviation, and petroleum.

Mrs. Hakama Sidi Ali, Acting Director of the Corporate Communications Department at the CBN, announced the latest intervention on Monday, January 29, from Abuja.

She reiterated the bank’s unwavering commitment to resolving all legitimate forex backlogs promptly.

“The Management of the CBN is committed to settling all legitimate foreign exchange backlogs within a short time frame,” she emphasized.

Sidi Ali further reassured Nigerians that the CBN is actively implementing a comprehensive strategy to bolster liquidity in the Nigerian forex markets across the short, medium, and long term. This strategy, she explained, prioritizes addressing fundamental issues that have hampered the Nigerian forex market’s efficient operation over the years.

“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.

The repeated injections and the CBN’s commitment to tackling underlying issues suggest a multi-pronged approach to address the forex backlog and enhance market stability. This is likely to be welcomed by businesses and individuals grappling with forex scarcity and its attendant challenges.

However, analysts remain cautious, urging the CBN to complement its interventions with policies that boost export earnings and diversify the country’s foreign exchange sources.