CBN Clears All Fx Backlogs As External Reserves Rise To $34.11 Billion

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CBN Clears All FX Backlogs As External Reserves Rise To $34.11 Billion

The Central Bank of Nigeria (CBN) has cleared the $7 billion foreign exchange (FX) backlog inherited by Governor Yemi Cardoso.

In a statement on Wednesday, CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, confirmed the settlement of all valid FX backlog claims.

She said the CBN engaged Deloitte Consulting, an independent auditing firm, to meticulously assess the transactions, ensuring that only legitimate claims were honoured.

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

This development comes just as the external reserves witnessed a significant rise, reaching $34.11 billion as of March 7, 2024, the highest level in eight months.

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By Abia ThinkTank

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