Nigeria’s central bank has announced the successful clearance of foreign-exchange backlogs for 14 banks, with settlements initiated for international airlines.
The statement released on Wednesday revealed that approximately $2 billion had been disbursed across various sectors, including manufacturing, aviation, and petroleum. The central bank affirmed its commitment to addressing what it referred to as “legitimate foreign-exchange backlog.”
The acute dollar shortage in Nigeria has prompted foreign airlines to issue threats of a strike unless the government allows them to repatriate earnings trapped in the country.
Despite the relaxation of foreign exchange policies in Nigeria last year, the official exchange rate is still maintained, with the central bank providing dollars at that rate.
However, a scarcity of dollars in the domestic market has resulted in a backlog of demand from companies seeking to convert naira into the US currency for profit repatriation.
Finance Minister Wale Edun, in an interview with Bloomberg Television earlier on Wednesday, disclosed that the central bank estimates the current backlog to be around $5 billion.
He emphasized ongoing efforts by the central bank to regularly address and reduce this backlog.
