CBN’s FX backlog clearance good news for Nigerian economy, says Rewane

The Managing Director/Chief Executive Officer of Financial Derivatives Company Limited, Bismark Rewane, said the continued Naira appreciation, foreign exchange  backlog clearance, and refinancing of existing bond obligations are good news for Nigeria’s economy.

Rewane disclosed this on Thursday as a Channels Television’s Politics Today guest.

According to him, Nigeria’s economy is moving in the right direction. He, however, stated that the country’s growth pace is slow.

“Nigeria’s economy is leaping and grasping at the same time. But let’s break it down. In the past three weeks, the Naira has appreciated by about 28 per cent, from N1,915 per USD to N1,475, which is good news.

“Nigeria has announced that all forex backlogs have been cleared, which is good news.

“The third good news in Nigeria is to refinance its existing bond obligations, which is also moving in the right direction but very slowly. We are dealing with a population that is anxious, angry, hungry and very restive; we have to consider that”, he said.

Naira continued its three-week-long appreciation drive on Thursday, trading at N1,382 per USD compared to N1,492 the previous day.

The CBN said on Tuesday that it has cleared all of the forex backlog.

Back to top button