Foreign Currency

Naira Gains as Nigeria Clears All $7 Billion Forex Backlog

Nigeria’s naira recorded steep gains in official and parallel markets after authorities said they cleared a backlog of unmet foreign-exchange obligations to industries and foreigners.

The Central Bank of Nigeria has settled “all valid” foreign exchange backlogs amounting to $7 billion, thereby “fulfilling a key pledge” from Governor Olayemi Cardoso to stabilize the market and restore investor confidence, spokeswoman Hakama Sidi Ali said in emailed statement on Thursday. The Abuja-based bank cleared all claims identified by independent auditors Deloitte Consulting as genuine, and the last payment of $1.5 billion was made to settle obligations to bank customers, Ali said.

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