The Central Bank of Nigeria (CBN) recently announced the clearance of a $7 billion foreign exchange (FX) backlog, marking a crucial milestone under Governor Yemi Cardoso’s leadership and bolstering economic confidence.
Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, affirmed this achievement, stating, “We have settled all valid FX backlog claims after employing Deloitte Consulting to meticulously assess transactions, ensuring only legitimate claims were honored.”
She further added, “Any invalid transactions were referred to the relevant authorities for further investigation.”
This strategic move by the CBN aligns with its commitment to addressing the FX backlog, resulting in a notable increase in external reserves, which soared to $34.11 billion as of March 7, 2024, the highest level in eight months.
The surge in reserves is attributed to a significant rise in remittance payments from Nigerians abroad and increased foreign investment in local assets, particularly government debt securities.
These actions are part of the CBN’s broader strategy outlined during the recent Monetary Policy Committee (MPC) meeting, signaling a positive outlook for Nigeria’s economic recovery and stability.
