Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced the completion of the forensic verification process for outstanding foreign exchange backlogs.
He assured that payments would commence shortly.
During the launch of the Foreign Exchange Code, Cardoso disclosed that the CBN had spent over a year clearing the $7 billion backlog, effectively resolving a long-standing issue by March 2024.
He emphasised at the era of multiple exchange rates, which previously favoured certain groups, has ended.
Cardoso warned that any deposit money bank breaching the guidelines of the Foreign Exchange Code would face disciplinary actions.
The governor criticised previous financing methods that negatively impacted the economy, causing inflation and a weakened currency.
The Foreign Exchange Code was introduced to encourage ethical practices among dealers in Nigeria’s forex market.
Cardoso also highlighted the impact of the electronic forex matching system launched in December 2024, noting that it improved transparency and efficiency.
He added that the naira appreciated significantly, from N1,663 per dollar in December 2024 to N1,536 by January 27, 2025.
He reaffirmed the CBN’s commitment to maintaining exchange rate stability and reported that Nigeria’s external reserves had risen to $40.7 billion as of December 2024.
Â
