FX backlog: CBN releases $400m, $1.8bn outstanding

 Olayemi Cardoso, the governor of the Central Bank of Nigeria
(CBN), says $400 million was paid on Tuesday to settle some outstanding foreign
exchange (FX) commitments.

Cardoso disclosed this during a press conference after
heading his first monetary policy committee (MPC) meeting of the apex bank.

“…and I can tell you, just today, we paid out $400 million
to those that have been so identified,” Cardoso said.

The economist said the CBN will only settle identified and
genuine requests, as it is not in the interest of the regulator to hold back
payment from those that have been identified.

 “In terms of the
backlog, we are committed in clearing the backlog of identified and genuine
requests that are pending,” he said.