Foreign airline operators in Nigeria have challenged the announcement by the Central Bank of Nigeria (CBN) that it has cleared all valid foreign exchange backlogs. Speaking through the President of the Association of Foreign Airlines and Representatives in Nigeria (AFARN), Kingsley Nwokeoma, the operators challenged the federal government to provide evidence of payment. “If they’ve paid, they should let us …

The Central Bank of Nigeria (CBN) has cleared all $7 billion foreign exchange (forex) backlog inherited by Governor Yemi Cardoso. In a statement yesterday, the Acting Director of Corporate Communications, Central Bank of Nigeria (CBN), Mrs Hakama Sidi Ali, confirmed the settlement of all valid forex backlog claims. She explained that the CBN had employed Deloitte Consulting, an independent auditing …

The naira has risen to N1,120 against the dollar as the foreign exchange market reacted to news that the Central Bank of Nigeria (CBN) has begun to clear some of its FX backlog on Thursday. This represents an appreciation of N50 or 4.27 per cent compared to the N1,170 it traded for on Wednesday. Currency traders, also known as Bureaux …

The Central Bank of Nigeria (CBN) on Thursday restored the 43 items previously prohibited from access to foreign exchange (FX). In a statement on Thursday, CBN’s Director of Corporate Communications, Isa AbdulMumin said the apex bank reiterated its commitment to ending the foreign exchange crisis. It added that it is working towards an FX backlog with existing participants and will …