$10bn debt: CBN defaults on payment to banks, dollar nears N1,000

Over two weeks after the Central Bank of Nigeria promised to clear over $10bn foreign exchange debts owed Deposit Money Bank, the apex bank has yet to do so according to findings by The PUNCH.

This came as the naira was sold between 990/$ and 995/$ by Bureau De Change operators on Friday and Saturday in Lagos, Abuja and Kano.

On the Investor & Exporter forex window, the naira however appreciated to 747.76/$ on Friday, from 772.98/$ on Thursday.

The immediate past acting CBN Governor, Folashodun Shonubi, on September 6, 2023, said the apex bank had concluded negotiation on dollar debts with commercial banks, disclosing that all forex exchange backlogs would be cleared within one to two weeks.

Source: punch