We’ve cleared outstanding $7bn Forex backlog — CBN

The Central Bank of Nigeria (CBN) says it has successfully cleared the $7 billion foreign exchange (FX) backlog.

The announcement was made by the CBN Governor, Olayemi Cardoso, on Wednesday, during the launch of Nigeria’s Regulatory Policy Framework at the State House Conference Hall in Abuja.

Cardoso explained that the clearance followed a comprehensive verification process carried out by forensic auditors, which has restored confidence in Nigeria’s financial system.

“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,” Cardoso said.

Although the process took longer than initially expected, the CBN Governor 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.

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Cardoso also addressed 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.”

PEBEC Director-General, Princess Zahrah Audu, also spoke at the event, stressing the importance of a stable and predictable policy environment for businesses to thrive.

She noted that the current administration is committed to engaging stakeholders and ensuring policies are shaped with input from both the public and private sectors

“We want to ensure that business policies are formed with your needs in mind, and we are open to collaboration with all stakeholders,” Audu said.

NIGERIAN TRIBUNE