The Central Bank of Nigeria (CBN) made an announcement on Wednesday, confirming the clearance of all 'valid' foreign exchange backlogs. This significant move, disclosed by the Acting Director of Corporate Communications, Hakama Sidi-Ali, marks a decisive step towards bolstering confidence in Nigeria's economy.

According to Sidi-Ali, the CBN recently finalized the payment of $1.5 billion, effectively settling the outstanding balance of the FX backlog owed to bank customers. The process underwent rigorous scrutiny by independent auditors from Deloitte Consulting to ensure the legitimacy of claims. Any questionable transactions were promptly flagged for further investigation.

CBN Governor Olayemi Cardoso emphasized the importance of prioritizing the clearance of the FX backlog to restore credibility and confidence in the Nigerian economy. Cardoso stated that the clearance of genuine, verifiable transactions has eliminated any hindrance to market confidence in the country's ability to meet its obligations.

https://www.hawkersv.com/2024/03/nigerias-central-bank-clears-all-firex.html

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