The Central Bank of Nigeria has cleared all $7 billion foreign exchange backlog inherited by Governor Yemi Cardoso.She explained that the CBN had employed Deloitte Consulting, an independent auditing firm, to meticulously assess the transactions, ensuring that only legitimate claims were honoured.
He stated that, “we made clearing the forex backlog a priority to restore credibility and confidence in the Nigerian economy.” The CBN’s actions are part of a broader strategy outlined during the last Monetary Policy Committee meeting. Analysts said increased foreign exchange reserves and improved liquidity in the forex market can contribute to economic growth by facilitating international trade and investment.
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