CBN Clears $7 Billion Foreign Exchange Backlog

Central Bank of Nigeria CBN

The Central Bank of Nigeria (CBN) has cleared the $7 billion foreign exchange (FX) backlog which was pending when Yemi Cardoso took over as the Governor of the apex bank.

This development was announced in a statement on Wednesday by the CBN Acting Director of Corporate Communications, Hakama Sidi Ali.

According to her, all valid claims have been settled and only those claims found to be illegitimate were not honoured.

Ali explained that the CBN employed the services of an independent auditing firm, Deloitte Consulting, to meticulously evaluate all claims and any invalid transaction have been referred to appropriate authorities for further checks.

“Any invalid transactions were referred to the relevant authorities for further investigation,” she stated.

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