The CBN's focus is on addressing fundamental issues that have hindered the effective operation of the Nigerian FX markets over the years.

The Central Bank of Nigeria (CBN) on Monday said it injected an additional $500 million into the foreign exchange market.

This comes barely a week after it announced that it had so far disbursed approximately $2 billion across pivotal sectors like manufacturing, aviation, and petroleum.

A statement signed by the Acting Director of the Corporate Communications Department at the CBN, Hakama Ali, said the management of the CBN is 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 term.

"As the Governor said, the CBN's focus is on addressing fundamental issues that have hindered the effective operation of the Nigerian FX markets over the years," she said.

In addressing the recent forex market reforms, Mrs Ali reiterated the bank's goal of streamlining exchange rates, fostering transparency, and minimizing arbitrage opportunities.

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

Mrs Ali urged market participants to adhere to regulations, emphasising that transparency in the market would ensure fair exchange rate determination and overall stability for businesses and individuals.