Nigeria's central bank has cleared the entire foreign exchange forwards liability of 14 banks, an official said on Wednesday, adding that settlements with foreign airlines have now begun.

Africa's biggest economy has about $7 billion in forex forwards that have matured, a major concern for investors as foreign currency shortages continue to weigh down the naira currency, despite assurances by the Central Bank of Nigeria (CBN) to clear the backlog.

So far, about $2 billion of the backlog across sectors such as manufacturing, aviation, and petroleum have been paid, CBN spokesperson Hakama Sidi Ali said in a statement.

Ali said an independent forensic review of the backlog commissioned by the central bank revealed "grave infractions, gross abuse, and significant non-compliance with market regulations."

Appropriate sanctions will be enforced on offenders, in collaboration with relevant agencies, Ali said.

The central bank is committed to cleaning up the financial services industry to boost market confidence, Ali said, adding that the bank will continue to settle legitimate forex backlog to clear all outstanding liabilities.

https://www.reuters.com/world/africa/nigeria-central-bank-clears-14-banks-fx-backlog-turns-airlines-2024-01-17/

Despite clearing the FX backlogs of 14 banks the naira is on its way 1,500 naira to a dollar.

cool runnings

Where is the dollar

That means flight from Nigeria to London will be cheap??
No more traveling from Benin to Uk abi?
So flights from Lagos to Abuja will be around 20-30k ??

Confusion everywhere. No direction. The only solution is to japa.

Make we dey clear dey go

Nice move

Na backlog person go chop

Common man just want to buy cheap food stuffs in the streets, stay in affordable house and live good life. Lobatan.

FG should privatize FAA and central bank and see how the economy skyrocket

Using loan to clear debt to incur another bigger debt - Tinubu and his supposed technocrats

Ironbull:


Pls always be positive the Fed govt doing everything to fix so many things if Buhar had been these proactive Nigeria will not be in these deep total economic mess.

The same Tinubu brought the same Buhari to do damage first, also this method I feel is just cosmetic approach, taking loan to clear debt to incur bigger debt with so much waste in governance...

Omihanifa:
Despite clearing the FX backlogs of 14 banks the naira is on its way 1,500 naira to a dollar.

Pls always be positive the Fed govt doing everything to fix so many things if Buhar had been these proactive Nigeria will not be in these deep total economic mess.

Omihanifa:
Despite clearing the FX backlogs of 14 banks the naira is on its way 1,500 naira to a dollar.

Naira is week because people like you have too much penchant for foreign products. Also what production activities do you do to shore up the Naira. It is not magic, so go get busy and be productive rather than moaning all the time.

My aboki told me that d9llar will hit 1500 by February march... and by December it will be 2000




Keep ya emotion this is reality

Omihanifa:
Despite clearing the FX backlogs of 14 banks the naira is on its way 1,500 naira to a dollar.

Because we are not earning enough dollars to buffer it.

Strong economies that are at par with the dollar have something we don't have. Industries that actively export...and crucially, unlike oil, these industries can set their prices as high as they want, and their governments find way to support them.

OKAY....

Save money, reduce costs get cheaper FX and Dollars 👇🏽👇🏽
AliExpress checkout available, @ ₦1250/$
Yes, ₦1250 Per USD.

I don't think you can see it cheaper anywhere else...
ALIEXPRESS only. NO ALIBABA, AMAZON, EBAY etc.. ALIEXPRESS ONLY

Come and make all your orders and payments.
Save money, reduce Costs, make more profits...
Good afternoon

is our dollar earning that low? compare to our huge population

Brendaniel:
Using loan to clear debt to incur another bigger debt - Tinubu and his supposed technocrats



The same Tinubu brought the same Buhari to do damage first also this method I feel is just cosmetic approach, taking loan to clear debt to incur bigger debt with so much waste in governance...

Point of correction Tinubu never started Gej must go it was our own brothers Amaechi, Slyvia then Baraje that opened the floor and Tinubu and others tapped into it so stop blaming Tinubu only for Buhari disaster.

Ayam no understanding it

Brendaniel:
Using loan to clear debt to incur another bigger debt - Tinubu and his supposed technocrats



The same Tinubu brought the same Buhari to do damage first also this method I feel is just cosmetic approach, taking loan to clear debt to incur bigger debt with so much waste in governance...

pessimistic thinking don shape your your life the way u want,na you borrow them money wey them take pay am.shay na economic hardship come convert your life like thisone.

Omihanifa:
Despite clearing the FX backlogs of 14 banks the naira is on its way 1,500 naira to a dollar.

1330/1,341 as at today, na for where you see 1,500?

Ironbull:


Point of correction Tinubu never started Gej must go it was our own brothers Amaechi, Slyvia then Baraje that opened the floor and Tinubu and others tapped into it so stop blaming Tinubu only for Buhari disaster.

Tinubu declared on National TV that he brought Buhari to power so that he can become president after Buhari, he said he traveled to Katsina to strike the deal with Buhari. Are you saying Tinubu is lying?

Brendaniel:


Tinubu declared on National TV that he brought Buhari to power so that he can become president after Buhari, he said he traveled to Katsina to strike the deal with Buhari. Are you saying Tinubu is lying?

Hello stop bothering over nonsense ok. Buhari is gone and gone.

Ironbull:


Hello stop bothering over nonsense ok. Buhari is gone and gone.

You call the damage Buhari did to Nigeria with the support of Tinubu nonsense?

Lanretoye:
pessimistic thinking don shape your your life the way u want,na you borrow them money wey them take pay am.shay na economic hardship come convert your life like thisone.

Oga shut up, I should keep quiet while evil leaders like Tinubu and Buhari destroy the country? No way dude, if it pains you that I speak the truth you can join Buhari in Daura...

Brendaniel:


You call the damage Buhari did to Nigeria with the support of Tinubu nonsense?

Now I can see you very unstable, sorry end of story. No need answering you.

Elemosho478:
Nigeria's central bank has cleared the entire foreign exchange forwards liability of 14 banks, an official said on Wednesday, adding that settlements with foreign airlines have now begun.




https://www.reuters.com/world/africa/nigeria-central-bank-clears-14-banks-fx-backlog-turns-airlines-2024-01-17/

What does this signify for the common man

Ironbull:


Now I can see you very unstable, sorry end of story. No need answering you.

So the truth to you means instability?