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.
(NAN)