Godsent Ogbebor
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, announced on Wednesday that the Federal Government has successfully cleared the outstanding $7bn foreign exchange backlog after a verification exercise by forensic auditors.
Speaking at the launch of Nigeria’s Regulatory Policy Framework, organized by the Presidential Enabling Business Environment Council (PEBEC) at the State House Conference Hall in Abuja, Cardoso expressed optimism that clearing the backlog would remove bottlenecks hindering the repatriation of funds by businesses, multinationals, and foreign investors.
“In addressing foreign exchange liquidity constraints, decisive steps have been taken to clear the outstanding $7bn forex backlog to ensure that businesses, multinationals, corporations, and foreign investors can repatriate funds seamlessly,” Cardoso stated.
He acknowledged that the clearance process took longer than anticipated but emphasized its significance in restoring market confidence and reinforcing Nigeria’s commitment to honoring financial obligations.
The CBN governor also revealed that while verified claims have been settled, the bank is in the final stages of reviewing unverified claims to ensure only legitimate transactions receive payment.
“We have cleared the verified claims. We also looked at the unverified ones, and I believe we are at the final stages of separating what qualifies as fully verified,” he explained.
Cardoso noted that irregular practices in the forex market had contributed to the delays but assured investors of strengthened market operations moving forward.
“It is unfortunate that it has taken so long. However, we are committed to strengthening our market and building the trust that investors naturally desire and deserve.”
Speaking at the event, PEBEC Director-General Princess Zahrah Audu emphasized the administration’s commitment to creating a stable and predictable policy environment for businesses.
“One of the things we actively encourage our MDAs to do is to engage stakeholders before forming policies,” Audu said.
She assured the business community that the government would prioritize inclusive policymaking and maintain open communication with private sector players.
“Our doors will always be open, and we will be very responsive to calls and emails. This administration is committed to doing things differently,” she added.
The clearance of the forex backlog is expected to boost investor confidence and stabilize Nigeria’s foreign exchange market.
