In the next two weeks, the Central Bank of Nigeria (CBN) intends to inject $10 billion into the foreign exchange market to clear the forex backlog as scarcity persists.
This is according to the Acting Governor of the CBN, Folashodun Shonubi, who said the financial regulator will work with Nigerian deposit money banks (DMBs) to disburse the forex.
He made this known on Tuesday in Lagos, where he said the banks will be vital in clearing the backlogs, considering the DMBs control 75 per cent of forex transactions.
