The Central Bank of Nigeria (CBN) has successfully cleared the outstanding $7 billion foreign exchange (FX) backlog following a rigorous verification exercise conducted by forensic auditors. The Governor of the CBN, Olayemi Cardoso, made this announcement on Wednesday at the launch of Nigeria’s Regulatory Policy Framework, an event organized by the Presidential Enabling Business Environment Council (PEBEC).
Speaking at the forum, which took place at the State House Conference Hall in Abuja, Cardoso emphasized that the clearance of the FX backlog is expected to ease the bottlenecks faced by businesses, multinational corporations, and foreign investors in repatriating their funds.
“In addressing foreign exchange liquidity constraints, decisive steps have been taken to clear the outstanding $7 billion forex backlog to ensure that businesses, multinationals, corporations, and foreign investors can repatriate funds seamlessly,” Cardoso stated.
The governor acknowledged that the process took longer than initially expected due to irregularities in some of the claims. However, he assured stakeholders that only verified transactions were settled to maintain transparency and restore market confidence.
“This initiative has restored confidence among market participants and reinforced Nigeria’s commitment to honoring financial obligations in a timely and efficient manner. Talking about the $7 billion backlog, we have cleared the verified claims.
“We also looked at the unverified ones, and I believe we are at the final stages of separating what qualifies as fully verified. We will ensure that payments are made for those verified by forensic auditors. It is unfortunate that the process took this long, but the reality is that there were practices in place that should never have happened in the first instance.
“That said, we are committed to strengthening our financial market and creating the level of trust that investors naturally desire and deserve,” he added.
The clearance of the backlog comes as part of broader efforts by the CBN to stabilize the foreign exchange market and enhance investor confidence in Nigeria’s economic landscape. The move aligns with ongoing reforms aimed at ensuring a more predictable and transparent financial system.
Also speaking at the event, PEBEC Director-General, Princess Zahrah Audu, underscored the importance of regulatory stability for businesses operating in Nigeria. She reiterated the government’s commitment to fostering a policy environment that encourages investment and economic growth.
“We are going to help you become part of the formation of these policies because one of the things we actively encourage our MDAs to do is to have sectoral stakeholder engagement in smaller groups. Now, there is a more thorough process before a policy is passed into law,” Audu stated.
She further assured stakeholders that the administration would continue to embrace an inclusive approach in policymaking, ensuring that businesses and investors have a voice in shaping Nigeria’s economic policies.
“It is very important to note that this administration will do things differently. We are constantly asking for your input because we do not assume we have all the answers. The private sector’s perspective is crucial in balancing regulatory decisions. Our doors will always be open, and we will remain responsive to stakeholders’ concerns,” she added.
The event provided a platform for government officials, regulators, and industry stakeholders to discuss key economic policies aimed at improving Nigeria’s business environment. With the successful clearance of the FX backlog, market analysts expect a positive ripple effect on foreign investments and economic stability in the coming months.
