The Central Bank of Nigeria (CBN) has cleared the $7 billion foreign exchange (FX) backlog inherited by Governor Yemi Cardoso.

This move fulfills a key pledge on his appointment and signifies a significant step towards restoring confidence in the economy.

In a statement on Wednesday, CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, confirmed settlement of all valid FX backlog claims.

The CBN, she said, 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,” she stated.

The CBN’s commitment to tackling the FX backlog appears to be paying off.

External reserves have seen a significant rise, reaching $34.11 billion as of March 7, 2024, the highest level in eight months

This month-on-month increase is attributed to a notable rise in remittance payments from Nigerians abroad and increased foreign investment in local assets, including government debt securities.

The CBN’s actions are part of a broader strategy outlined during the last Monetary Policy Committee (MPC) meeting.

socialmediaman:
CBN has been settling FX backlogs since it was established in the late 50s

Nigerians need real solutions, not gossip of when the president goes to bed and wakes up.

azadus18:
Seems Cardoso is working

afube:



God works in a mysterious way...........maybe it is a thug like Tinubu ( who knows where all the bodies are buried) that will transition the nation to true federation...........never underestimate the capacity of agbado/aboki conspiracy to sabotage any President that is not Yoruba nor Hausafulani.................remember Chibok girls and the unprecedented bombings of civil targets under Jonathan! The next 4 years will be very interesting!

socialmediaman:
CBN has been settling FX backlogs since it was established in the late 50s

Nigerians need real solutions, not gossip of when the president goes to bed and wakes up.

ElSudani:


You are understandably disappointed. This is not the usual naira is crashing news.

Ojutiti:


What is this one saying?

seunmsg:
Like I’ve always said, it’s just a matter of time before citizens start feeling the positive impact of the reforms embarked upon by the Tinubu administration.

forgiveness:
This is good news for us. Hope it brings down airplane ticket.

seunmsg:
Like I’ve always said, it’s just a matter of time before citizens start feeling the positive impact of the reforms embarked upon by the Tinubu administration.

Ofunaofu:
I take any news that comes from The Nation Lagos-Ibadan Expressway propaganda newspaper with a pinch of salt.

Originality007:
The nation newspaper