A Commercial court in the United Kingdom has ordered the release of the $200million guarantee Nigeria placed as security for the stay of execution of Messrs. Process and Industrial Development Limited (P&ID’s) claims.
This was confirmed by the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele in a statement on Tuesday.
Emefiele also expressed pleasure the Court rejected the P&ID’s application to increase the guarantee, which he noted was clearly intended to be a diversionary tactic and entirely misconceived.
CBN also stated that the release of the $200 million security deposit has swollen the country’s foreign reserve.