Nigeria’s Central Bank clears all ‘valid’ FX backlog, increases country’s foreign reserves

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“We made clearing the FX backlog a priority to restore credibility and confidence in the Nigerian economy. This strategy, she said, aims to stabilize the exchange rate, which in turn helps to mitigate imported inflation and boost confidence in both the banking system and the overall economy. It said the rise was primarily driven by an uptick in remittance payments from Nigerians abroad and heightened purchases of local assets by foreign investors.The CBN Governor Olayemi Cardoso had earlier disclosed that the bank uncovered invalid foreign overdue claims totaling $2.4 billion, which pressured the naira for a long time and spooked the currency market.

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