The Acting Governor of the Central Bank of Nigeria, Folashodun Shonubi, has said the apex bank will repay banks all outstanding forward contract debts in the next one to two weeks.
Although he did not disclose the total amount of the outstanding dollar debts, a report by JPMorgan, a United States-based bank in a recent report put the total amount of forward contract debt owed by the CBN at $6.84bn.
The acting CBN governor who also dismissed the JPMorgan report, however, said the apex bank had been discussing with banks for a while, adding that the forward contract debts would be repaid in one or two weeks.
Shonubi, who spoke in Lagos, said, “There is no outstanding $7bn as claimed by JP Morgan. It was just their opinion that was put on paper, and many people jumped on it.
“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.”
CBN clamps down
Meanwhile, the CBN governor also said the apex bank was probing one Crown Agent, a Bureau De Change operator, for bringing forex into the country illegally and selling it to Nigerians.
He vowed that the apex bank would deal with all erring BDC operators in the country.
He said, “For the last few weeks, we have been investigating and quite a few players have been bringing in money and selling at less than the official rate. One of those we have investigated recently is Crown Agent.
“We have reason to believe that, we have been working with international agencies on this. We are looking at those who do not follow through the normal system, send it through them, and sell it to Nigerian companies. They can expect to hear from us shortly. And they will not be the only ones.”
The CBN governor said the lender was still intervening in the market to stabilise the forex rate.
Shonubi, while reaffirmed the CBN’s ongoing intervention in the market, emphasised its commitment to stabilising exchange rates despite contributing less than 25 per cent of the market volume.
According to him, the CBN’s intervention goes beyond regulatory oversight, noting that it aims to ensure rate stability.
SUBSCRIBE TO OUR NEWSLETTER NOW
Support MATAZ ARISING’ journalism of integrity and credibility.
Good journalism ensure the possibility of a good society, an accountable democracy, and a transparent government.
We ask you to consider making a modest support to this noble endeavour.
TEXT AD: To advertise here – Email ad@matazarising.com
LATEST POSTS
-
2027: Kwankwaso ‘jittery’ as Yari emerges campaign DG, group alleges
MaTaZ ArIsInGDallas, Texas A grassroots mobilisation group within the All Progressives Congress (APC), Daga Titi Zuwa Titi, has described former Kano State Governor, Senator Rabiu Kwankwaso’s recent comments on the appointment of Senator Abdul’aziz Yari as Director-General of the APC Presidential Campaign Council as evidence that the opposition is unsettled by Yari’s emergence. In a…
-
Traders allege political undertone in the closure of Ladipo and Computer Village markets
MaTaZ ArIsInGDallas, Texas By Temi Salako On February 8, 2026, Lagos State sealed Ladipo Auto Spare Parts Market for the second time in three years, citing refuse on the highway median and illegal street trading. Commissioner Tokunbo Wahab announced it on X with the hashtag Zero Tolerance Lagos. Four months later, one of Lagos’s most…
-
El-Rufai Faces Fresh Allegation, Accused of Persecuting Christians
MaTaZ ArIsInGDallas, Texas Former Minister of Aviation, Femi Fani-Kayode, has renewed his criticism of former Kaduna State Governor Nasir El-Rufai, accusing him of persecuting Christians and marginalising Christian communities during his eight years in office. Fani-Kayode made the fresh allegations while speaking about the growing political disagreement between El-Rufai and his successor, Governor Uba Sani. He claimed…
