The Central Bank of Nigeria (CBN) on Wednesday announced that it has cleared all verified claims in the $7 billion foreign exchange (FX) backlog, which was inherited by Yemi Cardoso.
This news was contained in a statement signed by CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, which confirmed settlement of all valid FX backlog claims.
According to Ali, the CBN employed Deloitte Consulting, an independent auditing firm, to carefully verify the transactions, ensuring that only legitimate claims were settled by the apex bank.
She noted that any invalid or irregular transactions/claims were referred to the relevant authorities for further investigation.
The settlement of outstanding FX backlogs was a key pledge made by the CBN Governor, Dr. Yemi Cardoso upon his appointment last September. The liquidation of all verified FX claims is a significant boost to the economy as it would help to restore investor confidence in Nigeria’s economy.
It also signals an easing of the foreign exchange crisis. Already, Nigeria’s external reserves recorded a significant rise, hitting $34.11 billion as of March 7, 2024. This is the highest level in eight months.
The reserve witnessed an inflow of more than $900 million in the last one month. This increase is attributed to a significant rise in diaspora remittances following new CBN policies in that regard. Nigeria has also witnessed increased foreign investment in local assets, including government debt securities.