The Central Bank of Nigeria (CBN) has successfully cleared the $7 billion foreign exchange backlog owed to various firms. Governor Olayemi Cardoso confirmed that the payments followed a rigorous verification by forensic auditors, restoring market confidence and reaffirming Nigeria’s commitment to meeting its financial obligations.
Cardoso revealed this during the launch of Nigeria’s Regulatory Policy Framework, hosted by the Presidential Enabling Business Environment Council in Abuja.
According to CBN Governor Olayemi Cardoso, the bank has taken decisive steps to resolve forex liquidity challenges. “We have taken decisive action to address the forex liquidity constraints by clearing the $7bn backlog, ensuring that businesses and foreign investors can now repatriate funds without delays,” he stated.
He added that, “While it’s unfortunate that this took longer than we anticipated, the steps taken will strengthen the market and rebuild trust among investors.”
Cardoso acknowledged the delays in clearing outstanding forex obligations but emphasized that the verification process is in its final stages. He attributed the delay to past irregularities and assured that only fully verified claims would be settled. He reaffirmed the CBN’s commitment to strengthening the market and rebuilding investor confidence.
PEBEC Director-General, Princess Zahrah Audu, also spoke at the event, highlighting the importance of a stable and predictable policy environment for businesses. She mentioned that the current administration is committed to a different approach, actively seeking input from the private sector to ensure that policies reflect their needs.
Audu emphasized the government’s openness to collaboration with stakeholders to create a more business-friendly environment.
