BREAKING: CBN eliminates all FX backlog as external reserves reach $34.11bn

The Central Bank of Nigeria (CBN) recently announced the successful clearance of a $7 billion foreign exchange (FX) backlog that was inherited by Governor Yemi Cardoso, marking a significant milestone in restoring confidence in the economy.

This achievement was highlighted in a statement released by CBN’s Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, emphasizing the fulfillment of a crucial promise made upon Governor Cardoso’s appointment.

To ensure the legitimacy of the transactions, the CBN engaged Deloitte Consulting, an independent auditing firm, to meticulously review and validate all FX backlog claims, with any suspicious activities being promptly reported to the appropriate authorities for further investigation.

As a result of the CBN’s dedicated efforts to address the FX backlog, the country’s external reserves have experienced a notable increase, reaching $34.11 billion as of March 7, 2024, the highest level recorded in eight months.

This rise in reserves has been attributed to a surge in remittance payments from Nigerians living abroad and an uptick in foreign investments in local assets, particularly government debt securities.

The apex bank’s proactive measures are part of a comprehensive strategy outlined during the most recent Monetary Policy Committee (MPC) meeting, underscoring its commitment to fostering economic stability and growth in Nigeria.