By Anastasia John E.
The Central Bank of Nigeria (CBN) has successfully cleared a $7 billion foreign exchange backlog, as announced by CBN Governor Olayemi Cardoso on Wednesday. This development follows a comprehensive verification process conducted by forensic auditors, as reported by OBSERVERS TIMES.
Governor Cardoso revealed the milestone during the launch of Nigeria’s Regulatory Policy Framework, an event organized by the Presidential Enabling Business Environment Council (PEBEC) at the State House Conference Hall in Abuja. The initiative, dubbed the regulators’ forum, underscores the government’s commitment to enhancing Nigeria’s business environment.
The clearance of the forex backlog is expected to alleviate the challenges faced by businesses, multinationals, and foreign investors in repatriating funds, thereby boosting confidence in the Nigerian market. Cardoso acknowledged the extended duration of the clearance process, attributing delays to past practices that hindered financial transparency.
“In addressing the foreign exchange liquidity constraint, decisive steps have been taken to clear the $7 billion forex backlog, ensuring seamless fund repatriation for businesses and investors,” Cardoso stated. “This initiative has restored confidence among market participants and demonstrated Nigeria’s commitment to meeting financial obligations efficiently.”
The CBN Governor further elaborated on the meticulous verification process, noting that all verified claims have been cleared, and efforts are underway to finalize the assessment of unverified claims. “We are committed to rectifying past oversights and enhancing market trust,” Cardoso emphasized.
Complementing Cardoso’s remarks, PEBEC Director-General Princess Zahrah Audu highlighted the administration’s dedication to fostering a stable and predictable policy environment. She stressed the importance of stakeholder engagement in policy formation, ensuring that both government and private sector perspectives are considered.
“We are committed to involving you in policy development, encouraging sectoral stakeholder engagements,” Audu stated. “This administration will do things differently, actively seeking your input to balance government and private sector views.”
Audu assured stakeholders of the administration’s responsiveness and openness, building on the foundation laid by her predecessor. The collaborative approach aims to foster a conducive business environment, aligning with Nigeria’s broader economic reform agenda.
