Abuja – The
Central Bank of Nigeria has announced plans to clear all existing backlog of
Foreign Exchange (forex) demand in the country prior to take off of its
flexible foreign exchange policy.
The Acting Director of Communications, CBN,
Mr Isaac Okorafor, said this to newsmen on Monday in Abuja.
He said that the
move was to ensure the survival of the inter-bank forex trading under the new
forex guidelines, which took effect from Monday, June 20.
The CBN forex backlog
is estimated at four billion dollars.
Okorafor said that all existing
legitimate forex demand for imports, school fees and medicals, among others,
would be met.
“In order to engender confidence, ensure credible price formation
and sustain the integrity of the Nigerian inter-bank forex market, the CBN has
resolved to clear all the back log of forex demand in the country.
“This will
be done through spot and forward settlements,” he said.
Source: vanguardngr
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