CBN Clears Foreign Exchange Backlogs

0 183

The Central Bank of Nigeria (CBN) has announced the clearance of all valid foreign exchange backlogs, fulfilling a key pledge by CBN Governor, Mr. Olayemi Cardoso, to address an inherited backlog of US$7 billion in claims.

Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, confirmed this development in Abuja on Wednesday night. Mrs Sidi Ali stated that the CBN recently completed the payment of $1.5 billion to settle obligations to bank customers, effectively resolving the residual balance of the FX backlog. Independent auditors from Deloitte Consulting meticulously assessed these transactions to ensure only legitimate claims were honoured, with invalid transactions referred to relevant authorities for further scrutiny.

Governor Cardoso emphasized the importance of clearing the FX backlog to restore credibility and confidence in the Nigerian economy. He declared that all genuine and verifiable transactions have been cleared, removing a significant encumbrance to market confidence and stabilizing the exchange rate.

Source: Parrot Nigeria

Leave A Reply