The Central Bank of Nigeria (CBN),has cleared the $7 billion foreign exchange (FX) backlog.
Its Governor,Olayemi Cardoso,disclosed this on Wednesday,during the launch of Nigeria’s Regulatory Policy Framework at the State House Conference Hall in Abuja.
He explained that the clearance followed a comprehensive verification process carried out by forensic auditors, which has restored confidence in Nigeria’s financial system.
He said:“We have taken decisive action to address the forex liquidity constraints by clearing the $7bn backlog, ensuring that businesses and foreign investors can now repatriate funds without delays”.
He expressed optimism about the impact of the resolution.
“While it’s unfortunate that this took longer than we anticipated, the steps taken will strengthen the market and rebuild trust among investors,”he added.
He spoke on the remaining unverified claims,assuring that payments would be made once they are confirmed by auditors.
“We are in the final stages of separating fully verified claims, and payments will be made promptly to those whose claims are validated.”
Also speaking,PEBEC Director-General, Princess Zahrah Audu,emphasized the import of a stable and predictable policy environment for businesses to thrive.
Audu noted that the current administration is committed to engaging stakeholders and ensuring policies are shaped with input from both the public and private sectors
