Reports reaching CKNNews indicate the central bank has “cleared” forex backlogs of banks and airlines.
People with knowledge of the matter who spoke on the matter said banks are claiming backlogs are being cleared by the central bank.
They also indicate airlines are also seeing their backlogs being cleared.
It is unclear where the source of the supply used to clear the backlog is coming from.
However, the government had announced plans to clear forex backlogs with the injection of $10 billion.
A report from one of the banks also alluded to the clearing of the forex backlogs.
Dauda Post Abdul Nasser Post on the development
UPDATE ON THE SETTLEMENT OF LONG OUTSTANDING PAYMENT OBLIGATIONS BY CBN* SOME OUTSTANDING AS FAR BACK AS MARCH 2023.
Most of our International Correspondence bank obligations redeemed and some for International Airlines.
We have them in 4 categories which are
1. Form A.
2. Dividend Remittances.
3. Capital Remittances.
4.. Matured Letters of Credit.
The Following Banks got their future forward Forex obligations from the CBN.
1. Citi Bank got USD 72 Million. 100% outstanding cleared.
2. Standard Chartered Bank got USD 63 Million .80% of outstanding cleared .
3. Stanbic IBTC got USD 25 Million . 75% of outstanding cleared.
About 11 other Commercial banks also have received between 75% to 80% of all their outstanding thus creating a healthy line of relationship between Nigerian Commercial banks and their corresponding International banks.
This is a healthy and progressive to keep our Economy working with some level of credibility with International banks.
I can also confirm that Etihad, Emirates and Ethiopian Airlines have all gotten large portions of their outstanding obligations from the Nigerian Central bank.
Kudos to the new CBN GOVERNOR and I hope he sustains this credible Financial work culture as a way of improving the Nigerian Economy.
These efforts in the long run will also drive down our high exchange rate with the dollar.
This reports are investigated and confirmed by
Daura Abdul-Nasser