The Central Bank of Nigeria (CBN) reported that over the previous three months, it has settled forward liabilities totalling about $2 billion. This was revealed by the apex bank in a statement made on Sunday in Abuja by Hakama Sidi-Ali, its acting director of corporate communications.
She claims that these payments represent the CBN’s continued efforts to settle all outstanding forward transactions to relieve the strain on the nation’s exchange rate.
She went on to say that the apex bank has also redeemed outstanding forward liabilities in the last three months, adding that this action demonstrates the bank’s dedication to clearing outstanding debt and maintaining a working foreign currency market.
She added that investor confidence in the Nigerian economy is projected to increase and that the CBN’s move is expected to significantly strengthen the Naira against major foreign currencies.
“This underscores the CBN’s commitment to resolving pending obligations and a functional foreign exchange market. These payments signify CBN’s ongoing efforts to settle all remaining valid forward transactions, to alleviate 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.
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