CBN Clears $7bn Forex Backlog to Boost Investor Confidence

The Central Bank of Nigeria (CBN) has officially cleared the $7 billion foreign exchange backlog. Governor Olayemi Cardoso made the announcement on Wednesday at an event in Abuja.

Cardoso revealed that the clearance followed a rigorous verification process conducted by forensic auditors. The move aims to ease fund repatriation for businesses, multinationals, and foreign investors.

Speaking at the launch of Nigeria’s Regulatory Policy Framework, Cardoso emphasized that the delay in clearing the backlog was due to irregularities in past forex transactions.

He assured stakeholders that the move would restore market confidence and demonstrate Nigeria’s commitment to meeting its financial obligations transparently and efficiently.

Unverified forex claims are still under review. Cardoso stated that final decisions would be made after separating fully verified transactions from those requiring further scrutiny.

The Presidential Enabling Business Environment Council (PEBEC) Director-General, Princess Zahrah Audu, stressed the importance of a stable policy environment for businesses.

She stated that the government is committed to engaging stakeholders in policy formation and ensuring transparency in financial and economic regulations.

The clearance of the backlog is expected to strengthen Nigeria’s forex market, improve investor trust, and enhance the ease of doing business in the country.