CBN clears additional $400m forex backlog

The Central Bank of Nigeria (CBN) on Tuesday disclosed that it has cleared an additional $400 million forex backlog.

The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso made this known while speaking at the apex Bank inaugural Monetary Policy Committee (MPC) for the year.

He reveals that the the apex bank has paid another $400 million of valid FX backlog to those who were genuinely identified.

This is as the bank also increased the interest rate from 18.75% to 22.75%- a 400 basis point increase.

According to the Governor, the bank will work to restore the confidence of the public and remains committed to its FX backlog to businesses being owed.

He stated, “In terms of the backlog, we are committed to clearing the backlog of identified and genuine requests that are pending. We are committed to doing that and I can tell you that just today, we paid out $0.4 billion to those that were identified, and we are committed to continuing doing so in one form or the other to those genuinely identified and proven cases.”