$10bn Debt: CBN yet to meet up with payment plans

Over two weeks after the Central Bank of Nigeria (CBN) promised to clear over $10 billion foreign exchange (forex) debts owed Deposit Money Bank, the apex bank has yet to do so according to findings.

It will also be recalled that, President Bola Tinubu earlier ordered the apex bank to clear backlog owed the airline as soon as possible, but to no avail.

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.

According to him, deposit money banks have assisted the apex bank to clear the majority of its overdue forex forward contracts at maturity.

As such, he said the CBN had reached an agreement to reimburse the lenders within one or two weeks following extensive debt restructuring talks that lasted over a long period of time.

“In response to questions about the backlogs, the banks have been working with the CBN on various structures to clear them. So, what happens is that at maturity, they make the foreign exchange available to those that need it.

“We are discussing with them so we can structure their own. So, we are working towards clearing them in the next one or two weeks. It is something we have been discussing for a while,” Shonubi had told audience at a forum in Lagos