CBN begins clearing of $10bn forex backlogs – Report



There are indications that the Central Bank of Nigeria has started to clear over $10 billion foreign exchange backlogs of commercial banks and airline operators.


A source in a Tier-1 Nigerian commercial bank who preferred anonymity confirmed this to on Thursday.


“Yes, the CBN commenced forex backlog payment to our bank. yesterday”.


According to the Nairametric report, airlines are seeing their backlogs being cleared.


It added that Stanbic IBTC also alluded to the clearing of the forex backlogs.


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


The development comes barely 24 hours after the chairman of Air Peace alleged that the Central Bank of Nigeria owes his firm $24 million, six months after lodgment amid the foreign exchange crisis.


Recall that the Minister of Finance, Wale Edun, disclosed last week that the country would soon receive an inflow of $10 billion in foreign currency to mitigate the forex crisis.

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