Nigeria’s Central Bank clears all ‘valid’ FX backlog, increases country’s foreign reserves

The Central Bank of Nigeria (CBN) on Wednesday announced it has cleared all ‘valid’ foreign exchange backlogs.

This move, announced by the bank’s Acting Director of Corporate Communications, Hakama Sidi-Ali, comes as a decisive step towards restoring confidence in Nigeria’s economy.

According to her, the CBN recently completed the payment of $1.5 billion, effectively settling the remaining balance of the FX backlog owed to bank customers.

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