Nigeria’s central bank has announced plans to swiftly address a foreign-exchange backlog of around $5 billion, aiming to attract investment and alleviate pressure on the naira, which recently hit a new low.
The bank has already disbursed $500 million to various sectors and settled outstanding commitments of about $2 billion, including industries like manufacturing, aviation, and petroleum.
This move is part of a broader initiative to clear the backlog promptly and address underlying issues affecting the Nigerian foreign-exchange markets.
The backlog has made Nigeria less appealing to foreign investors, posing challenges for repatriating earnings due to a significant dollar shortage.
Recently, foreign airlines in Nigeria expressed concerns about their funds and even threatened to strike unless the government allowed fund repatriation.
