On Wednesday, the Central Bank of Nigeria (CBN) announced the resolution of a $7 billion foreign exchange (FX) backlog, a move that Governor Yemi Cardoso committed to upon his appointment.
The clearance of this backlog marks a pivotal step in reinstating confidence within the national economy, according to a statement by the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali.
In her statement, Ali revealed that to ensure the authenticity of the backlog claims, the CBN engaged Deloitte Consulting. The auditing firm was tasked with rigorously examining each transaction to guarantee that only valid claims were processed.
“Any invalid transactions were referred to the relevant authorities for further investigation,” Ali noted, emphasizing the thoroughness of the verification process.
The effort to address the FX backlog has resulted in a noteworthy improvement in Nigeria’s external reserves. As of March 7, 2024, the reserves climbed to $34.11 billion, marking an eight-month high.
This increase is largely credited to the surge in remittance payments from Nigerians living overseas and a boost in foreign investments, particularly in government securities.
The actions taken by the CBN reflect a broader strategic approach, discussed at the most recent Monetary Policy Committee (MPC) meeting, aiming to strengthen the economic landscape of Nigeria.
