Nigeria's central bank has injected $500 million to clear outstanding foreign exchange demand backlog, it said in a statement on Monday.

Africa's biggest economy has about $7 billion in forex forwards that have matured, a major concern for investors as foreign currency shortages continue to weigh down the naira currency, despite assurances by the Central Bank of Nigeria (CBN) that it would clear the backlog.

Earlier this month, it paid about $2 billion of the backlog across sectors such as manufacturing, aviation, and petroleum, CBN spokesperson Hakama Sidi Ali said.

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