Nigeria's Central Bank pays $2 billion to clear forex backlog in the last three months

In an effort to clear the backlog of dollars in the biggest economy in Africa, the Central Bank of Nigeria (CBN) has successfully cleared about $2 billion in past-due foreign exchange forwards in the last three months.This information was revealed in a statement on Sunday by Hakama Sidi Ali, the top bank's interim director of corporate communications, according to Reuters.Notwithstanding these endeavors, shortages of foreign exchange continue to affect the value of Nigeria's naira. Investors are concerned about the about $7 billion in maturing foreign exchange futures; however, the CBN has promised to make payments in order to restore trust in the foreign exchange market.