It seems like there have been recent developments regarding the Central Bank of Nigeria’s efforts to clear the outstanding foreign exchange obligations of the Federal Government.
A spokesperson for the apex bank has confirmed that an initial payment of $1 billion has been made.
This is in line with President Bola Tinubu’s promise to address this issue.
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Thank you for providing more context on the situation. It appears that President Tinubu has reassured the business community that the government is committed to honoring all foreign exchange future contracts.
The Central Bank of Nigeria has already started making payments to banks to clear the FX backlogs, with around $1 billion distributed so far.
While some banks received the full amount owed, others received up to 80% of their backlog. The CBN Governor, Yemi Cardoso, emphasized the importance of clearing this backlog, although no specific timeline was mentioned for its completion.