The Central Bank of Nigeria (CBN) says it has released 500 million dollars to various sectors in its determination to address the backlog of verified foreign exchange transactions.

The CBN’s Acting Director of the Corporate Communications Department, HAKAMA SIDI-ALI revealed this in a statement in Abuja.

This comes barely a week after the apex bank paid approximately 2.0 billion dollars to settle outstanding commitments across manufacturing, aviation, and petroleum sectors.

She said that the management of the CBN was committed to settling all legitimate foreign exchange backlogs within a short time frame.

According to her, the CBN had begun implementing a comprehensive strategy to improve liquidity in the Nigerian foreign exchange markets in the short, medium, and long terms.

SIDI-ALI said that the forex market reforms were designed to streamline and unify multiple exchange rates, foster transparency, and reduce arbitrage opportunities.

She expressed confidence that a stable exchange rate would boost investor confidence and attract foreign investment.

She further urged all participants in the market to play by the rules, adding that transparency in the market would enable the fair determination of exchange rates.