CBN Successfully Clears $7 Billion FX Backlog As External Reserves Surge To $34.11 Billion

CBN Successfully Clears $7 Billion FX Backlog As External Reserves Surge To $34.11 Billion

In a significant development, the Central Bank of Nigeria (CBN) has announced the successful clearance of the $7 billion foreign exchange (FX) backlog inherited by Governor Yemi Cardoso. This accomplishment fulfills a crucial pledge made upon his appointment and marks a significant stride towards reinstating confidence in the nation’s economy…..READ ALSO CBN Issues Fresh Directive To Banks On Foreign Exchange Management

According to a statement released by Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications at CBN, all valid FX backlog claims have been settled. The CBN collaborated with Deloitte Consulting, an independent auditing firm, to meticulously assess the transactions, ensuring that only legitimate claims were honored. Any suspicious or invalid transactions were promptly referred to the relevant authorities for further investigation.

The successful resolution of the FX backlog reflects the CBN’s commitment to addressing economic challenges and fostering stability in the foreign exchange market. This achievement coincides with a notable surge in the country’s external reserves, which reached $34.11 billion as of March 7, 2024, marking the highest level in eight months.

The increase in external reserves is attributed to several factors, including a rise in remittance payments from Nigerians living abroad and increased foreign investment in local assets, particularly government debt securities.

These developments align with the broader strategy outlined during the recent Monetary Policy Committee (MPC) meeting, reflecting the CBN’s proactive measures to strengthen the Nigerian economy and promote sustainable growth.

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