The Central Bank of Nigeria (CBN) is finalizing the verification process for the remaining $2.4 billion foreign exchange (FX) backlog, with payments for valid claims set to begin soon. CBN Governor Olayemi Cardoso revealed this at an investment roundtable in Abuja, noting that the backlog has significantly reduced from $7 billion since he assumed office. The delay in clearing the backlog was attributed to past irregularities, prompting a forensic audit to determine valid claims.
Cardoso emphasized the CBN’s commitment to restoring investor confidence and ensuring market transparency. He highlighted the importance of a stable economy and tackling inflation to boost consumer spending. The governor reassured that once the forensic audit is complete, verified claims will be paid, a move welcomed by businesses and investors.
The Nigerian government also reaffirmed its dedication to fostering a business-friendly environment. Ibrahim Hadejia, deputy chief of staff to the president, emphasized the role of the newly launched regulatory impact analysis framework in streamlining investment processes. Both the CBN and government officials expressed optimism about Nigeria’s economic prospects and investor-friendly policies.
Source: BUSINESS DAY