The Naira gains 4.6% as the CBN settles the $7 billion currency backlog

President Bola Tinubu had promised to pay up the foreign exchange backlogs he inherited five months after assuming office.Following the Central Bank of Nigeria's (CBN) clearing of all foreign exchange (FX) backlog, the value of the naira has increased on both the official and black markets.The naira ended trading on Wednesday at ?1,410/dollar in the parallel market and ?1,492 at the official Nigerian Autonomous Foreign Exchange Market (NAFEM), according to data gathered from the FMDQ Securities Exchange.The Naira’s gain at the official market indicates a 4.55% increase from the ?1,560/$1 recorded the previous day - Tuesday at NAFEM, and a gain of 13.5% or ?190 at the parallel market.