The Central Bank of Nigeria (CBN) has cleared all $7 billion foreign exchange (forex) backlog inherited by Governor Yemi Cardoso.
In a statement yesterday, the Acting Director of Corporate Communications, Central Bank of Nigeria (CBN), Mrs. Hakama Sidi Ali, confirmed the settlement of all valid forex backlog claims.
She explained that the CBN had employed Deloitte Consulting, an independent auditing firm, to meticulously assess the transactions, ensuring that only legitimate claims were honoured.
“Any invalid transactions were referred to the relevant authorities for further investigation,” Sidi Ali said.
Governor Cardoso had emphasised the importance of clearing the backlog to restore credibility in the Nigerian economy.
He stated that “we made clearing the forex backlog a priority to restore credibility and confidence in the Nigerian economy.”
Cardoso further highlighted the completion of a “credible process” to verify the authenticity of these obligations and expressed his satisfaction in clearing all “genuine, verifiable transactions.”
He underscored the significance of resolving this issue, stating, “This encumbrance to market confidence in the country’s ability to meet its obligations is now totally behind us.”
