Economy
CBN Reportedly Commences “Clearing” Of Forex Backlogs
A yet to be cleared reports gathered, indicates that the Central Bank of Nigeria, CBN has “cleared” forex backlogs of banks and airlines.
According to people with knowledge of the matter who spoke to Nairametrics report that banks are claiming backlogs are being cleared by the central bank.
They also indicate airlines are also seeing their backlogs being cleared.
It is unclear where the source of the supply used to clear the backlog is coming from.
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However, the government had announced plans to clear forex backlogs with the injection of $10 billion.
A report from Stanbic IBTC also alluded to the clearing of the forex backlogs.
“Yesterday, the apex bank began clearing the backlog of outstanding Retail SMIS obligations. The total amount cleared is yet to be ascertained.”
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