The Central Bank of Nigeria, CBN, has cleared forex backlogs of banks and airlines.
Sources have said that banks are claiming that their backlogs are being cleared by the CBN.
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, but Federal Government had announced plans to clear forex backlogs with the injection of $10 billion.
“Yesterday, the apex bank began clearing the backlog of outstanding Retail SMIS obligations. The total amount cleared is yet to be ascertained,” a report from Stanbic IBTC also alluded to the clearing of the forex backlogs.
The development comes barely 24 hours after the chairman of Air Peace alleged that the Central Bank of Nigeria owes his firm $24 million, six months after lodgment amid the foreign exchange crisis.
Wale Edun, the Minister of Finance disclosed recently that the country would soon receive an inflow of $10 billion in foreign currency to mitigate the forex crisis.
The foreign exchange backlog refers to the foreign exchange demand by investors and importers that has not been met.
CBN had before now tried different approaches to stabilising the foreign exchange rate and clearing a backlog of demand requests for the greenback.
The CBN had previously tried to use a $3 billion loan secured by the Nigerian National Petroleum Company Limited, NNPCL, to inject liquidity into the foreign exchange market but the plan did not fell through as investors developed cold feet, leaving the African Export-Import, Afrexim Bank as the sole provider.
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