BusinessNewsNigeriaCentral Bank of Nigeria Clears Longstanding FX Backlog of $7bn
In a move hailed as a step towards economic stability, the Central Bank of Nigeria, CBN, has announced the successful clearing of all verified foreign exchange, FX, backlogs. Hakama Sidi Ali, acting director of corporate communications at CBN, disclosed this in a statement on Wednesday. The backlog, estimated at around US$7 billion, stemmed from unprocessed requests for foreign currency. Ali said the financial regulator recently concluded the payment of $1.5 billion to settle obligations to...