Relief for Nigeria as CBN begins to clear FX backlog

The Central Bank of Nigeria (CBN) has delivered over 75 percent to 80 percent of outstanding matured FX forwards in banks.

According to the source who told BusinessDay, only international banks have been settled which include Citi Bank, Standard Chartered and Stanbic IBTC.

“We have being directed to inform you that CBN has cleared all outstanding matured forwards forex,” a note from Citigroup showed.

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A top source in Nigeria’s apex bank confirmed the development to BusinessDay.

“I can confirm the backlog in 14 banks have been cleared. Don’t quote me as I don’t have the details yet,” source said.

More details later….

Folake Balogun

Folake Balogun is a tech journalist covering Africa’s fast-growing digital economy with a strong focus on incisive analysis of startup trends, venture capital, and fintech innovation, while also exploring emerging technologies such as artificial intelligence and the future of connectivity by highlighting their economic and social impact.