The Central Bank of Nigeria (CBN) has successfully resolved all valid foreign exchange backlogs, totalling an inherited backlog of US$7 billion, according to the Bank’s Acting Director of Corporate Communications, Mrs Hakama Sidi Ali. This achievement fulfils a key commitment made by CBN Governor Mr Olayemi Cardoso to address outstanding forex claims.

During recent meetings, Governor Cardoso emphasized the importance of clearing the FX backlog to restore credibility and confidence in Nigeria’s economy. He stated that all genuine and verifiable transactions have been cleared, marking a significant milestone in restoring market confidence in the country’s ability to meet its obligations.

The clearance of forex backlogs is part of the CBN’s broader strategy outlined in the recent Monetary Policy Committee (MPC) meeting to stabilise the exchange rate and curb imported inflation. Governor Cardoso’s efforts have also focused on boosting confidence in the banking system and the overall economy.

Following these efforts, Nigeria’s foreign currency reserves have surged to a record high of $34.11 billion, the highest level in eight months. The increase, totalling $993 million as of March 7, was primarily driven by higher remittance payments from Nigerians overseas and increased purchases of local assets, including government debt securities, by foreign investors.

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Author: Deborah Oyinloye

With an interest in media, Deborah aims to impart the lives of people positively.

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