May Naira breathe As Nigeria Clears FX Backlogs

My name is “Ndu bu isi” which means “life is first”. My grandmother chose that name because when her son, Augustine, died in London with his Igbo pals, during the Biafran war, she understood that nothing really matters other than LIFE. Yes, all the plans for her, her daughter (Augustine was to ask her to begin secondary school education, once he returns since all the family wealth was used to send Augustine to study engineering in the UK), etc, disappeared.

Why this reference? I am reading that Nigeria has cleared all the backlogs of US dollars. And if that is true, expect currency traders to have red shorts because the Naira will appreciate in value. Again, this is a rumour. But if that is true, that name Ndubuisi comes into application again: never give up provided there is life.

REAKING: CBN clears FX backlogs with banks, airlines – Report

Reports reaching Nairametrics indicate the central bank has “cleared” forex backlogs of banks and airlines.

People with knowledge of the matter who spoke to Nairametrics report that banks are claiming backlogs are being cleared by the central bank.

They also indicate airlines are also seeing their backlogs being cleared.
It is unclear where the source of the supply used to clear the backlog is coming from.

However, the government had announced plans to clear forex backlogs with the injection of $10 billion.

A report from Stanbic IBTC also alluded to the clearing of the forex backlogs.

Challenges have watches and clocks but hopeful and productive people have TIME. Because if there is life, the waves will turn things around. I commend the government for today even as I challenge it to make sure this is a permanent state for the nation: may Naira breathe!

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