In a significant stride towards economic stability, the Central Bank of Nigeria (CBN) announced on Wednesday the successful clearance of the $7 billion foreign exchange (FX) backlog inherited by Governor Yemi Cardoso. This accomplishment fulfills a pivotal pledge made upon his appointment and marks a substantial move towards restoring faith in the economy.
The CBN, through its Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, confirmed the settlement of all valid FX backlog claims in a statement released on Wednesday. Ali emphasized that Deloitte Consulting, an independent auditing firm, was engaged to meticulously assess the transactions, ensuring that only legitimate claims were honored. Any dubious transactions were promptly referred to the appropriate authorities for further investigation.
The proactive approach taken by the CBN to address the FX backlog is yielding positive results, as evidenced by the surge in external reserves. As of March 7, 2024, the reserves have soared to $34.11 billion, marking the highest level in eight months. This achievement underscores the CBN’s commitment to fostering financial stability and bolstering investor confidence in Nigeria’s economy.
