• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Saturday, June 7, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

CBN’s Move To Restore Confidence, Boost Forex Liquidity

by Bukola Aro-Lambo
1 year ago
in News
Share on WhatsAppShare on FacebookShare on XTelegram

The Central Bank of Nigeria has in the past week issued series of circulars aimed at boosting liquidity in the foreign exchange market as well as ensuring stability of the banking industry.

Advertisement

According to the CBN, these measures aim to confront challenges related to forex liquidity, mitigate excessive fee speculation, and bolster transparency. Amongst the circulars issued include  “Elimination of Allowable Limit of Exchange Rate Quoted by International Money Transfer Operators,” “Standardization of Reporting Requirements on Banks’ Foreign Currency Exposures.”

Asides these, the CBM governor, Dr Olayemi Cardoso whilst noting that the CBN had cleared substantial part of the verified foreign exchange backlog assured that the efforts are already in place to clear the outstanding.

He had revealed that he had met over $7 billion in backlogs owed of which around $2.4 billion could not be backed up with official claims. Cardoso who noted that the apex bank had cleared $2.3 billion of the backlog with $2.2 billion still outstanding.

He however noted that $2.4 billion remains controversial. Cardoso, maintained that CBN would not pay for foreign exchange requests that were not validly constituted, adding that the bank has written to authorized dealers to explain the disparities identified, “and sadly, quite frankly, I think much of those have not been disputed to our satisfaction.”

RELATED

Gov Zulum Donates N100m To Wounded Soldiers, Families Of Slain Troops

Gov Zulum Donates N100m To Wounded Soldiers, Families Of Slain Troops

2 minutes ago
Justice Uwais: Nigeria Lost Statesman Of Unimpeachable Character, Say Northern Senators

LP Mourns Late CJN Uwais, Seeks Implementation Of Report On Electoral Reforms

4 hours ago

Chief Executive Centre for the Promotion of Private Enterprise(CPPE), Dr Muda Yusuf, speaking on the development said “the CBN is in a better position to determine which of the transactions are valid and which ones are not valid. If they have undertaken a forensic audit and they have come up with this figures that is what it is and this is part of   the process of cleaning up the space. He also gave assurance that the totality of the backlog will soon be cleared.

“Once that is done am sure the level of confidence in the market will begin to improve because the interventions and clearing of the backlogs have also been slowing down and diminished the capacity of the CBN to intervene directly in the market and once they clear the backlog, then the capacity to intervene in the market will improve and that will help to improve and enhance liquidity in the forex market.”

Also, Head of Financial Institutions Ratings at Agusto & Co, Ayokunle Olubunmi, said it is “reassuring that they have not only started clearing the backlog but that they have gone that far.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

START EARNING US DOLLARS as a Nigerian ($35,000) monthly. Companies are sacking their workers due to AI (artificial intelligence), business owners are in panic mode. Only the smart will make it. Click here


Tags: CBNForex
SendShareTweetShare
Previous Post

Citizens Need Justice, Equity, CJN Tells ECOWAS Leaders

Next Post

Dark Economy Around Criminality In Nigeria

Bukola Aro-Lambo

Bukola Aro-Lambo

You May Like

Gov Zulum Donates N100m To Wounded Soldiers, Families Of Slain Troops
News

Gov Zulum Donates N100m To Wounded Soldiers, Families Of Slain Troops

2025/06/07
Justice Uwais: Nigeria Lost Statesman Of Unimpeachable Character, Say Northern Senators
News

LP Mourns Late CJN Uwais, Seeks Implementation Of Report On Electoral Reforms

2025/06/07
‘I Never Begged Wike For Money’, TV Anchor Reuben Abati Refutes FCT Miniter’s Aide’s Claims
News

‘I Never Begged Wike For Money’, TV Anchor Reuben Abati Refutes FCT Miniter’s Aide’s Claims

2025/06/07
Singer Darey Art Alade, Wife Escape Unhurt After Their Car Catches Fire On 3rd Mainland Bridge
Entertainment

Singer Darey Art Alade, Wife Escape Unhurt After Their Car Catches Fire On 3rd Mainland Bridge

2025/06/07
Civil War Was For Unity, Not Hatred — Gowon
News

Civil War Was For Unity, Not Hatred — Gowon

2025/06/07
IPOB Accuses Courts Of Aiding Nnamdi Kanu’s Detention
News

Nnamdi Kanu Is Prisoner Of Conscience — IPOB

2025/06/07
Leadership Conference advertisement

LATEST

Gov Zulum Donates N100m To Wounded Soldiers, Families Of Slain Troops

LP Mourns Late CJN Uwais, Seeks Implementation Of Report On Electoral Reforms

Tennis: Gauff Beats Sabalenka To Win French Open Title

‘I Never Begged Wike For Money’, TV Anchor Reuben Abati Refutes FCT Miniter’s Aide’s Claims

Singer Darey Art Alade, Wife Escape Unhurt After Their Car Catches Fire On 3rd Mainland Bridge

Civil War Was For Unity, Not Hatred — Gowon

Nnamdi Kanu Is Prisoner Of Conscience — IPOB

Justice Uwais: Nigeria Lost Statesman Of Unimpeachable Character, Say Northern Senators

Eid-el-Kabir: CAN Preaches Unity, Support For Flood Victims

Taraba Rep Tafida Bags ‘Best Legislator 2025’ Award

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.