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Thursday, July 18, 2024

As naira falls, CBN offers promises.

Nigeria’s central bank has announced plans to swiftly address a foreign-exchange backlog of around $5 billion, aiming to attract investment and alleviate pressure on the naira, which recently hit a new low.

The bank has already disbursed $500 million to various sectors and settled outstanding commitments of about $2 billion, including industries like manufacturing, aviation, and petroleum.

This move is part of a broader initiative to clear the backlog promptly and address underlying issues affecting the Nigerian foreign-exchange markets.

The backlog has made Nigeria less appealing to foreign investors, posing challenges for repatriating earnings due to a significant dollar shortage.

Recently, foreign airlines in Nigeria expressed concerns about their funds and even threatened to strike unless the government allowed fund repatriation.

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