CBN begins ‘cleaning’ forex backlogs

The Central Bank of Nigeria, CBN, reportedly “cleared” the foreign exchange backlogs of airlines and institutions.

According to sources with knowledge of the situation who were interviewed by Nairametrics, institutions are asserting that the central bank is clearing backlogs.

Additionally, they reveal that airlines are experiencing the resolution of their backlogs.

The origin of the supply utilized to alleviate the backlog remains uncertain.

Nevertheless, the administration had declared its intention to rectify foreign exchange backlogs by injecting $10 billion.

Stanbic IBTC’s report also made reference to the resolution of the foreign exchange backlogs.

“Yesterday, the apex bank began clearing the backlog of outstanding Retail SMIS obligations. The total amount cleared is yet to be ascertained.”

More details to follow….

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