CBN clears $10bn forex backlogs for banks, airlines

In a significant move to address the foreign exchange crisis in Nigeria, the Central Bank of Nigeria (CBN) has reportedly started clearing over $10 billion in foreign exchange backlogs for commercial banks and airline operators.

A source from a Tier-1 Nigerian commercial bank, who preferred to remain anonymous, confirmed this development on Thursday.

It was gathered that airlines are already witnessing the clearance of their backlogs. Stanbic IBTC, a leading Nigerian financial institution, also acknowledged the clearing of forex backlogs.

 However, the exact total amount cleared is yet to be determined. This development comes just a day after the chairman of Air Peace, a prominent Nigerian airline, claimed that the CBN owed his company $24 million, which had been lodged six months ago.

The forex crisis has been a pressing issue for businesses and individuals in Nigeria, causing significant economic challenges.

Last week, the Minister of Finance, Wale Edun, announced that Nigeria would soon receive a substantial inflow of $10 billion in foreign currency to alleviate the forex crisis.

This inflow is expected to provide much-needed relief and stability to the Nigerian economy. The clearance of forex backlogs by the CBN is a positive step towards resolving the foreign exchange challenges faced by commercial banks and airline operators.

It demonstrates the government’s commitment to addressing the forex crisis and ensuring the stability of the Nigerian economy. As the backlog payments continue, businesses and individuals can expect improved access to foreign currency, which will facilitate smoother operations and economic growth.