CBN Begins To Clear FOREX 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 , 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. A top source in Nigeria’s apex bank confirmed the development.

“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.

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