The Central Bank of Nigeria (CBN) has successfully cleared the $7 billion b (forex) backlog inherited by Governor Yemi Cardoso. Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, confirmed in a statement that all valid forex backlog claims have been settled.
To ensure the legitimacy of the transactions, the CBN engaged Deloitte Consulting, an independent auditing firm, to meticulously assess the claims. Any invalid transactions were referred to the relevant authorities for further investigation.
Governor Cardoso highlighted the importance of clearing the backlog to restore credibility and confidence in the Nigerian economy. He emphasized that clearing the forex backlog was a priority and expressed satisfaction in clearing all genuine, verifiable transactions.
The CBN's commitment to addressing the forex backlog has led to positive outcomes, including a significant rise in external reserves. This increase has been attributed to higher remittance payments from Nigerians abroad and increased foreign investment in local assets.
The clearing of the forex backlog is part of a broader strategy outlined during the last Monetary Policy Committee (MPC) meeting. This strategy aims to stabilize the exchange rate, curb imported inflation, and foster a more predictable economic environment.
Sidi Ali noted that clearing the backlog demonstrates the CBN's commitment to transparency and accountability, which could enhance confidence in the financial sector. Analysts believe that increased foreign exchange reserves and improved liquidity in the forex market can contribute to economic growth by facilitating international trade and investment.
