USD NGN: Nigeria's Central Bank Says It'll Stabilize Naira, Clear Backlog – Bloomberg
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A heavy backlog of local dollar demand has contributed to a 40% slump in the naira’s value against the greenback.
Nigeria’s central bank said it was committed to clearing a backlog of dollar demand.
“We have initiated the payment of unsettled forward foreign-exchange obligations, and these payments will continue until all obligations are cleared,” Governor Olayemi Cardoso told bankers Friday during a dinner speech in the commercial hub of Lagos.
