Nigeria's central bank has reportedly paid approximately $2 billion to settle matured foreign exchange contracts with lenders, as reported by Thisday newspaper.

The payments, spanning over three months, include $61.64 million to address outstanding liabilities owed to foreign airlines operating in the country.

Government officials estimate the total overdue forward payments at around $6.7 billion, while Thisday suggests a range between $7 billion and $10 billion, inclusive of at least $744 million owed to foreign airlines as of March of the previous year.

The clearance of this backlog is seen as a commitment by the central bank to alleviate pressure on the depreciating naira.

The currency has experienced a more than 50% decline in value since it began trading more flexibly against the dollar in June of the preceding year.