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The Central Bank of Nigeria (CBN) has cleared the $7 billion foreign exchange (FX) backlog that Governor Yemi Cardoso inherited.
Mrs. Hakama Sidi Ali, the CBN’s Acting Director of Corporate Communications, announced in a statement on Wednesday that all genuine FX backlog claims had been settled.
She stated that the CBN hired Deloitte Consulting, an independent auditing company, to thoroughly review the transactions and ensure that only valid claims were paid.
According to her:
“Any invalid transactions were referred to the relevant authorities for further investigation.”
This development comes as external reserves increased significantly, hitting $34.11 billion on March 7, 2024, the highest amount in eight months.
cc: Vanguard Ng
