CBN’s Ongoing Triumph: Nigeria’s Forex Backlog Slashes Dramatically To $2.2 Billion from $7 Billion

CBN’s Ongoing Triumph: Nigeria’s Forex Backlog Slashes Dramatically To $2.2 Billion from $7 Billion

In a recent interview on Arise Television, Central Bank of Nigeria Governor, Olayemi Cardoso, revealed a significant breakthrough in the country’s financial landscape…READ MORE

Announcing that Nigeria’s outstanding foreign exchange (forex) backlog has seen a remarkable reduction from $7 billion to $2.2 billion.

Cardoso expressed pride in the apex bank’s successful efforts to tackle the forex backlog it inherited, emphasizing the commitment to further clearing the remaining $2.2 billion outstanding.

“We will clear all that is remaining very shortly,” he assured during the interview, highlighting the substantial progress made in addressing the economic challenge.

A Deloitte audit played a pivotal role in the process, identifying that $2.4 billion of the unmet demand in the $7 billion forex backlog was invalid. These invalid demands ranged from issues such as lacking valid import documents to cases of non-existent entities, beneficiaries receiving more than requested, and even parties that didn’t request any forex receiving funds.

Cardoso elaborated on the audit findings, stating, “The result that came out of this was startling in a great respect; it was quite startling.”

With the elimination of the invalid $2.4 billion, the valid forex backlog was reduced to $4.5 billion. The Central Bank has successfully cleared $2.3 billion from this valid backlog, leaving only $2.2 billion outstanding.

Cardoso expressed confidence in the ongoing efforts, stating, “And now what remains is about $2.2 billion to be settled, and I am confident that we will shortly be addressing those and be able to move on and make progress.”

This achievement represents a significant milestone for Nigeria’s financial stability, showcasing the Central Bank’s dedication to resolving economic challenges and ensuring a positive trajectory for the country’s forex management.