Nigeria’s outstanding forex backlog drops to $2.2bn from $4.5bn

Central Bank of Nigeria Governor, Olayemi Cardoso, says Nigeria’s outstanding foreign exchange backlog owed across economic sectors has dropped to $2.2 billion.

Cardoso disclosed this during a recent interview on Arise Television.

He said the apex bank had cleared $2.3 billion out of the valid $4.5 billion FX backlog with just $2.2 billion outstanding.

According to him, the banker’s bank plans to clear its outstanding backlog soon.

“And now what remains is about $2.2 billion to be settled, and I am confident that we will shortly be addressing those and be able to move on and make progress.

“Yes, as I said, I think that would be what would be done very shortly. Now, you can imagine that $2.2 billion outstanding and $7 billion outstanding are not the same”, he said.

 Cardoso said $2.3 billion of $7 billion forex claims are not valid.

Meanwhile, in December last year, the International Air Transport Association threatened to expel Nigeria over the $790 million trapped fund.

DAILY POST recalls that Naira appreciated marginally to close last Friday at N1,435.53 per Dollar after a turbulent week.