SAN FRANCISCO, June 20, (THEWILL) – The Central Bank of Nigeria (CBN) has announced plans to clear the $4 billion existing backlog of foreign exchange demand in Nigeria prior to take off of its flexible foreign exchange policy.
The Acting Director of Communications, CBN, Mr. Isaac Okorafor, made the declaration in Abuja on Monday when he spoke with correspondents.
He said that the move was to ensure the survival of the inter-bank forex trading under the new forex guidelines, which became effective Monday.
Okorafor said that all existing legitimate forex demand for imports, school fees and medicals, among others, would be met.
“In order to engender confidence, ensure credible price formation and sustain the integrity of the Nigerian inter-bank forex market, the CBN has resolved to clear all the back log of forex demand in the country.
“This will be done through spot and forward settlements,” he said, according to a report by state-run news agency NAN.
