The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, announced on Wednesday that the Federal Government has successfully cleared the outstanding $7 billion foreign exchange backlog owed to various firms.
This achievement follows a rigorous verification exercise conducted by forensic auditors. Cardoso made the disclosure during the launch of Nigeria’s Regulatory Policy Framework, organized by the Presidential Enabling Business Environment Council (PEBEC) at the State House Conference Hall in Abuja.
Speaking at the event, themed the Regulators’ Forum, Cardoso expressed optimism that the clearance of the backlog would alleviate challenges faced by businesses, multinational corporations, and foreign investors in repatriating funds. He emphasized that the initiative underscores Nigeria’s commitment to maintaining financial integrity and fostering a stable economic environment.
“In addressing foreign exchange liquidity constraints, decisive steps have been taken to clear the $7 billion forex backlog, ensuring seamless repatriation of funds for businesses, multinationals, and foreign investors, This initiative has restored confidence among market participants and reinforced Nigeria’s commitment to honoring financial obligations in a timely and efficient manner.” Cardoso stated.
The CBN governor acknowledged that the process took longer than anticipated, attributing the delay to irregularities uncovered during the verification exercise. “We have cleared the verified claims and are in the final stages of addressing unverified ones. It is unfortunate that it took this long, but certain practices that occurred should never have happened in the first place. We are committed to strengthening the market and building the trust that investors deserve,” he added.
Earlier in the event, PEBEC Director-General, Princess Zahrah Audu, highlighted the importance of a stable and predictable policy environment for businesses. She reiterated the administration’s commitment to fostering collaboration between the government and the private sector.
“We are actively engaging stakeholders to ensure their input shapes policy formation. This administration is dedicated to doing things differently, balancing government and private sector perspectives to drive economic growth,” Audu said.
The clearance of the forex backlog marks a significant step in Nigeria’s efforts to restore investor confidence and create a more conducive business environment. The CBN’s actions, coupled with PEBEC’s regulatory reforms, signal a renewed focus on transparency, efficiency, and economic stability.