CBN CLEARS ALL FOREIGN EXCHANGEBACKLOG

The Central Bank of Nigeria CBN hasannounced it has cleared the seven billion dollars foreign exchange FX backlog inherited by Governor YEMI CARDOSO in fulfillmentof a key pledge on his appointment and signifies a significant step towards restoring confidence in the economy.

The Acting Director of Corporate Communications of the CBN, HAKAMA SIDI ALI who confirmed the settlement of all valid FX backlog claims yesterday said the CBNemployed Deloitte Consulting, an independent auditing firm, to meticulously assess the transactions, ensuring that only legitimate claims were honored.

The CBN’s commitment to tackling the FXbacklog appears to be paying off, with the external reserves seeing a significant rise, reaching 34.11 billion dollars as of March 7, 2024, the highest level in eight months.

This month-on-month increase is attributed to a notable rise in remittance payments from Nigerians abroad and increased foreign investment in local assets, including government debt securities.