July 18, 2024

$10bn debt: CBN neva pay banks, dollar don near N1,000


E don pass two weeks now wey Central Bank of Nigeria, CBN promise say dem go clear over $10bn foreign exchange debts wey dem owe Deposit Money Bank, di apex bank still neva do anything according to findings.

Di matter come as naira price enter 990/$ and 995/$ by Bureau De Change operators on Friday and Saturday for Lagos, Abuja and Kano.

However, on top di Investor & Exporter forex window, di naira appreciate to 747.76/$ on Friday, from 772.98/$ on Thursday.

Di immediate past acting CBN Governor, Folashodun Shonubi, on September 6, 2023, yarn say di apex bank don concluded negotiation on dollar debts with commercial banks. Hin reveal say dem go clear all forex exchange backlogs within one to two weeks.


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According to am, deposit money banks don help di apex bank clear di majority of dia overdue FX forward contracts at maturity.

As such, hin tok say di CBN don reach agreement to reimburse di lenders within one or two weeks following extensive debt restructuring tok wey last for long period of time.

Di answer wey dem give questions about di backlogs be say,  banks dey work with di CBN on different structures to clear dem. So, wetin go happens be say,  for di maturity stage, di foreign exchange go ready for pipo wey need am.

CBN neva clear $10bn debts, You fit go read di tori…READ MORE