CBN Pays Another $400m to Clear FX Backlog

The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced that the apex bank has paid another $400 million dollars backlog to address the overdue foreign exchange forward obligations.

He made this known while responding to questions after the first Monetary Policy Committee (MPC) meeting of the year, which was held in Abuja on Monday and Tuesday.

According to him “we are committed to clearing the backlogs of identified and genuine requests that are pending, I can tell you that just today we have paid out $400 million to those who are so identified and we will continue to do so to those with proven cases.”

Over the past three months, the CBN has cleared almost $2 billion in overdue foreign exchange forwards, a significant step towards stabilising the forex market.