CBN Settles $7bn FX Backlog, Enhancing Investor Confidence

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, announced on Wednesday that the Federal Government has successfully settled the outstanding $7bn foreign exchange backlog following a comprehensive verification exercise conducted by forensic auditors.

Speaking at the launch of Nigeria’s Regulatory Policy Framework, organized by the Presidential Enabling Business Environment Council, Cardoso emphasized that clearing the backlog would alleviate constraints on fund repatriation for businesses, multinationals, and foreign investors.

The event, themed the Regulators’ Forum, was held at the State House Conference Hall in Abuja.

Cardoso acknowledged that the resolution of the forex backlog took longer than initially anticipated. He stated, “To address foreign exchange liquidity challenges, we have taken decisive steps to clear the outstanding $7bn forex backlog, ensuring seamless repatriation of funds for businesses, multinational corporations, and foreign investors.”

CBN Issues Strong Warning to Banks Over ₦20,000 ATM Withdrawal Limits

CBN Confirms Keystone Bank’s Stability Despite Court Order

He further noted that this initiative has bolstered market confidence and reaffirmed Nigeria’s commitment to fulfilling financial obligations efficiently.

“Regarding the $7bn backlog, we have fully settled all verified claims. We are now finalizing the assessment of unverified claims, ensuring that only those validated by forensic auditors receive payment. It is regrettable that this process has taken longer than expected, but past financial irregularities necessitated a thorough review. Moving forward, we will implement measures to fortify market integrity and build investor trust,” Cardoso added.

In her address, PEBEC Director-General, Princess Zahrah Audu, underscored the importance of a stable and predictable policy environment for businesses.

“We are committed to fostering stakeholder engagement in policy formulation. This administration is taking a different approach by actively seeking input from the private sector to ensure balanced and effective policymaking. Our doors remain open, and we will maintain responsiveness to stakeholder concerns,” she stated.