This situation has coincided with the Nigerian naira being sold for between 990 and 995 naira per US dollar by Bureau De Change operators in Lagos, Abuja, and Kano over the weekend.

On the Investor & Exporter forex window, however, the naira appreciated to 747.76 naira per US dollar on Friday, compared to 772.98 naira per US dollar on Thursday.

The former Acting Governor of the CBN, Folashodun Shonubi, stated on September 6, 2023, that the apex bank had concluded negotiations on dollar debts with commercial banks. He indicated that all forex exchange backlogs would be cleared within one to two weeks.

Shonubi mentioned that deposit money banks had helped the CBN clear most of its overdue FX forward contracts at maturity. The CBN had agreed to reimburse the lenders within one or two weeks following extensive debt restructuring talks.

However, top bank executives have reported that almost three weeks after the promise, the CBN has not fulfilled its commitment. This situation has severely impacted banks' FX liquidity, leading many lenders to temporarily suspend various FX transactions, including school fees and Personal Travel Allowance applications.

The lack of action from the CBN has exacerbated dollar liquidity issues in the parallel market, as bank customers turn to the black market to fulfill their forex needs.

Reports suggest that forward contracts and dollar swap deals between the CBN and banks amount to over $10 billion, although a report by JPMorgan estimated the total amount of forward contract debt owed by the CBN at $6.84 billion.

The CBN has not yet commented on this situation.