The Federal Government through the Central Bank of Nigeria, has commenced payment of outstanding matured FX forwards owed to various creditors.
A source familiar with the development confirmed the payment on Thursday.
Meanwhile, unconfirmed sources said three banks received full payment of debts owed.
The banks are Citi Bank, Stanbic IBTC and Standard Chartered Bank.
The amount of overdue forward payments is estimated at $6.7 billion, according to the Minister of Finance, Wale Edun.
Meanwhile, the naira has risen to N1,120 against the dollar as the foreign exchange market reacted to news that the Central Bank of Nigeria has begun to clear some of its FX backlog on Thursday.
