Nigerian Naira Recovers on Black Market as Central Bank Clears Backlog of Dollar Obligations
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The Nigerian naira firmed to 1,000 per dollar on the black market, recovering from a record low of 1,300 naira.
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The recovery came after the central bank started clearing outstanding foreign currency forwards owed to banks.
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An initial payment of $1 billion had been made by the central bank to clear past due obligations.
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The naira has been under pressure from past due obligations and dollar shortages.
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Nigeria is expecting $10 billion in foreign currency inflows in coming weeks to improve forex liquidity.