Central Bank of Nigeria (CBN) confirmed it has settled almost $2 billion of forward liabilities in the past three months.
Gatekeepers News reports that the apex bank disclosed this in a statement by its Acting Director of Corporate Communications, Hakama Sidi-Ali in Abuja on Sunday.
According to her, these payments signify the CBN’s ongoing efforts to settle all remaining valid forward transactions, to alleviate the current pressure on the country’s exchange. rate.
She further stated that in the past three months, the apex bank has also redeemed outstanding forward liabilities and that the action underscores the Bank’s commitment to the resolution of pending obligations and a functional foreign exchange market.
She also noted that the CBN’s initiative is expected to significantly strengthen the Naira against major world currencies and enhance investor confidence in the Nigerian economy.
“This underscores the CBN’s commitment to the resolution of pending obligations and a functional foreign exchange market.
“These payments signify CBN’s ongoing efforts to settle all remaining valid forward transactions, with the aim of alleviating the current pressure on the country’s exchange rate.
“It is anticipated that this initiative would provide a considerable boost to the Naira against other major world currencies and further increase investor confidence in the Nigerian economy,” Hakama Sidi-Ali said.
