The Central Bank of Nigeria (CBN) has initiated measures to clear an estimated $10 billion in foreign exchange backlogs, affecting commercial banks and airline operators. The move comes as the apex bank seeks to alleviate the ongoing forex crisis in the country. While the total amount cleared remains unconfirmed, airlines like Air Peace, which had claimed a $24 million debt from the CBN, are beginning to see their backlogs cleared.
The CBN’s actions align with recent disclosures by Finance Minister Wale Edun, who anticipated a $10 billion foreign currency inflow to address the forex crisis. The funds are being sourced from an undisclosed supply source.
Additionally, the CBN, under Acting Governor Mr. Folashodun Adebisi Shonubi’s leadership, plans to close non-electronic Bureau De Change (BDC) operations. This move is expected to further aid in clearing the foreign exchange backlog and addressing issues surrounding Naira’s devaluation and the role BDCs play in the forex market.
Stanbic IBTC has confirmed these developments, highlighting that the apex bank is making progress in clearing the backlog of Retail SMIS obligations. However, the exact amount cleared so far has not been disclosed.
This series of actions by the CBN and various banks is a significant step towards mitigating company losses resulting from unfulfilled forex demands and stabilizing Nigeria’s forex market.
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