In a move hailed as a step towards economic stability, the Central Bank of Nigeria (CBN) has announced the successful clearing of all verified foreign exchange (FX) backlogs.
The backlog, estimated at around US$7 billion, stemmed from unprocessed requests for foreign currency. CBN Governor Olayemi Cardoso pledged to address the backlog upon taking office in October 2023, prioritizing restoring credibility and confidence in the Nigerian economy.
The bank claimed it implemented a meticulous verification process, ensuring only legitimate claims were honored. Independent auditors from Deloitte Consulting played a crucial role in this process.
“We made clearing the FX backlog a priority to restore credibility and confidence in the Nigerian economy,” Governor Cardoso declared at a recent meeting.
The CBN’s success in clearing the backlog coincides with a rise in Nigeria’s external reserves to US$34.11 billion. This improved forex liquidity is expected to stabilize the exchange rate and make it easier for businesses and individuals to access foreign currency.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
