Central Bank of Nigeria (CBN), said Monday, it will clear a backlog of hard currency through currency forwards and spot trades on the interbank market after floating the naira.
“The central bank has resolved to clear all the backlog of FX demand in the country through spot and forward settlements,” Isaac Okorafor, spokesman for the central bank said.
Bankers have put the hard currency backlog at around $4 billion as a slump in oil revenues has dried up supplies on official channels.
