CBN Clears Outstanding $7bn FX Backlog

• CBN has cleared the outstanding $7 billion foreign exchange backlog.

• Olayemi Cardoso announced that the clearance followed a successful verification exercise by forensic auditors.

• The move is expected to ease bottlenecks associated with repatriation of funds by businesses, multinationals, and foreign investors.

The Central Bank of Nigeria (CBN) has announced the clearance of the outstanding $7 billion foreign exchange backlog.

CBN Governor Olayemi Cardoso made the announcement at the launch of Nigeria’s Regulatory Policy Framework, organized by the Presidential Enabling Business Environment Council.

According to Cardoso, the clearance followed a successful verification exercise by forensic auditors.

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He explained that the initiative has restored confidence among market participants and reinforced Nigeria’s commitment to honouring financial obligations in a timely and efficient manner.

Cardoso stated, “In addressing foreign exchange liquidity constraint, decisive steps have been taken to clear outstanding $7bn forex backlog to ensure that businesses, multinationals, corporations, and foreign investors can repatriate funds seamlessly.”

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He added, “We also looked at the unverified ones, and I believe that we are at the final stages of separating what qualifies as fully verified, and we will surely be paying out those monies that have been verified by the forensic auditors.”

The CBN governor acknowledged that the clearance took longer than expected, saying, “The truth of the matter is that there were a lot of practices that went on that really should never have happened in the first place.

“That said, we are going to ensure that we do what we need to do to strengthen our market and create a better trust in what you investors naturally desire and deserve.”

CBN Governor Predicts 4.17% GDP Growth, Inflation Decline in 2025

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has predicted a 4.17% growth in the country’s Gross Domestic Product (GDP) and a decline in inflation in 2025.

Cardoso made this disclosure at a recent conference, according to Reuters.

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