The Central Bank of Nigeria (CBN) announced on Wednesday that it has successfully disbursed approximately $2 billion across vital sectors, including manufacturing, aviation, and petroleum to eliminate the backlog of outstanding foreign exchange liabilities.

Hakama Sidi Ali, the Acting Director of Corporate Communications at CBN, stated that the apex bank has not only settled the entire liability of 14 banks but has also initiated settlements with foreign airlines. This strategic move aims to address lingering challenges in the foreign exchange market and foster stability in key sectors of the Nigerian economy.

Market observers are closely monitoring the impact of CBN’s measures on the overall stability of the foreign exchange market and the broader financial sector in Nigeria.

Source: Business Day