Optimism around the $7bn foreign exchange backlog’s clearance and improved liquidity contributed to a 3.68 per cent week-on-week appreciation of the naira to 1,474.78/$ at the close of trading in the past week from 1,531.20/$ in the previous week.

On Wednesday, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, announced that the Federal Government had cleared the backlog of $7bn in foreign exchange following a successful verification exercise by forensic auditors.

Speaking at the launch of Nigeria’s Regulatory Policy Framework organised by the Presidential Enabling Business Environment Council, Cardoso expressed an optimism that the clearance of the backlog would ease off the bottlenecks associated with the repatriation of funds by businesses, multinationals, and foreign investors.

He said, “In addressing foreign exchange liquidity constraints, decisive steps have been taken to clear the outstanding $7bn forex backlog to ensure that businesses, multinationals, corporations, and foreign investors can repatriate funds seamlessly

https://punchng.com/naira-appreciates-as-govt-clears-7bn-fx-backlog/