CBN clears valid FX transactions to eliminate legacy backlog - ITREALMS

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The Central Bank of Nigeria (CBN) has revealed that all valid foreign exchange backlogs have now been settled, fulfilling a key pledge of the CBN Governor, Mr. Olayemi Cardoso, to process an inherited backlog of US$7 billion in claims.

This was disclosed by the bank’s Acting Director, Corporate Communications, Mrs. Hakama Sidi Ali, in Abuja on Wednesday, March 20, 2024, noting that the CBN recently concluded the payment of $1.5 billion to settle obligations to bank customers, effectively settling the residual balance of the FX backlog. 

CBN tackles FX transactions abuses in clearing liabilities backlog - ITREALMS

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The Central Bank of Nigeria (CBN), in its bid to clear the backlog of outstanding foreign exchange liabilities, has paid approximately USD 2.0 billion across various sectors, including manufacturing, aviation, and petroleum, reports ITREALMS.

The Bank has also cleared up the entire liability of 14 banks and started settlements with foreign airlines.