DOLLAR DEBTS CBN REPAYS BANKS NEXT WEEK, NAIRA MAY REBOUND

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.
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.
Shonubi, while reaffirmed the CBN’s ongoing intervention in the market, emphasized its commitment to stabilizing exchange rates despite contributing less than 25 per cent of the market volume.