The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, announced that the government has successfully cleared a $7 billion foreign exchange backlog after a verification process by forensic auditors. Speaking at the launch of Nigeria’s Regulatory Policy Framework organized by the Presidential Enabling Business Environment Council (PEBEC), Cardoso emphasized that this move would ease the repatriation of funds for businesses, multinationals, and foreign investors.
Cardoso acknowledged that the forex clearance process took longer than expected but assured that it was necessary to eliminate fraudulent practices. He highlighted that this step has strengthened market confidence and demonstrated Nigeria’s commitment to financial obligations. The CBN is in the final stages of reviewing unverified claims to ensure only legitimate payments are made.
PEBEC Director-General, Princess Zahrah Audu, stressed the importance of a stable and predictable policy environment for businesses. She reiterated the government’s commitment to stakeholder engagement in policymaking, ensuring a balance between public and private sector interests. The administration aims to enhance transparency and responsiveness to business concerns, fostering a more investor-friendly economy.
Source: Punch