Nigeria’s Forex Backlog Decreases to $2.2 Billion, Central Bank Reports

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has announced that the country’s outstanding foreign exchange (forex) backlog has declined to $2.2 billion from $4.5 billion. In an interview with Arise Television, Cardoso revealed that the apex bank had successfully cleared $2.3 billion of the valid $4.5 billion FX backlog, leaving a remaining outstanding balance of $2.2 billion. Cardoso expressed confidence in addressing the remaining backlog soon, emphasizing the significance of reducing the outstanding amount. He noted that out of the initially reported $7 billion outstanding, $2.3 billion forex claims were found to be invalid. In December of the previous year, the International Air Transport Association had issued a warning to Nigeria concerning a trapped fund amounting to $790 million. However, the latest data indicates a marginal appreciation of the Naira, closing at N1,435.53 per Dollar at the end of last week after a tumultuous period. The successful reduction of Nigeria’s forex backlog reflects the ongoing efforts of the country’s central bank to stabilize the foreign exchange reserves and restore confidence in the national currency.