We’ve cleared genuine, verifiable forex backlogs – CBN

Cardoso.
Cardoso
We’ve cleared genuine, verifiable forex backlogs – CBN

The Central Bank of Nigeria (CBN) says it has settled all outstanding foreign exchange (FX) obligations.

Acting Director of Corporate Communications, Mrs Sidi Ali, in a statement made available to journalists on Wednesday said the financial regulator recently concluded the payment of obligations to bank customers, effectively settling the residual balance of the FX backlog.

Last month, Yemi Cardoso, CBN governor, said he inherited a $7 billion FX backlog when he assumed office but it has dropped to $2.2 billion.

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“Clearance of the foreign exchange transactions backlog is part of the overall strategy detailed in last month’s Monetary Policy Committee meeting to stabilise the exchange rate and thereby curb imported inflation, spurring confidence in the banking system and the economy.”

“Cardoso used the MPC meeting and a subsequent conference call with foreign portfolio investors to set expectations for sustained increases in Nigeria’s foreign currency reserves and improved liquidity in the foreign exchange market,” she said.

According to the bank’s spokesperson, at a recent meeting, Cardoso said CBN made clearing the FX backlog a priority to restore credibility and confidence in the Nigerian economy.

“It was important that we go through an independent and credible process that would determine the authenticity of those obligations, and, at this point, I can tell you that we have now cleared all genuine, verifiable transactions,” she said.

“This encumbrance to market confidence in the country’s ability to meet its obligations is now totally behind us.”

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DISCLAIMER: The views and opinions expressed in Fact Check are those of the authors and do not necessarily reflect the official policy or position of Fact Check. Any content provided by our bloggers or authors is of their opinion and is not intended to malign any religion, ethnic group, club, organization, company, individual, or anyone or anything.

Information is presented to the best of our knowledge and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability concerning the website or the information, products, services, or related graphics contained on the website for any purpose. Therefore, any reliance you place on such information is strictly at your own risk.

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