CBN to clear backlog of forex demand

CBN to clear backlog of forex demand
June 21 06:03 2016

The Central Bank of Nigeria has 
announced plans to clear all
existing backlog of Foreign
Exchange (forex) demand in the
country as its flexible foreign
exchange policy take effect.
The Acting Director of
Communications, CBN, Isaac
Okorafor, said this to newsmen
on Monday in Abuja.

He said that the move was to
ensure the survival of the inter-
bank forex trading under the new
forex guidelines, which took
effect from Monday, June 20.

The News Agency of Nigeria
(NAN) reports that the CBN forex
backlog is estimated at four
billion dollars.
Okorafor said 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 backlog of forex demand in
the country.
“This will be done through spot
and forward settlements,” he said.