The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has made a bold statement regarding the clearance of the foreign exchange backlog in the country. In a recent briefing with journalists in Abuja, Cardoso emphasized that all valid FX backlogs have been successfully resolved. He urged those who are skeptical to approach the open market and verify the situation for themselves.
Cardoso reassured the public that the apex bank has taken the necessary steps to ensure transparency and liquidity in the forex market. He highlighted the continuous appreciation of the Naira against the US dollar as evidence of the successful clearance of the backlog.
Despite the CBN’s announcement of clearing the pending $7 billion forex backlog, there are still some stakeholders, such as the President of the Association of Foreign Airlines and Representatives in Nigeria, Kingsley Nwokoma, who remain unconvinced. Nwokoma has raised concerns about the validity of the claim and believes that there are still unresolved issues.
In response to these doubts, Cardoso reiterated the CBN’s commitment to addressing any remaining backlogs and encouraged stakeholders to utilize the open market to settle their obligations. He emphasized that the central bank has fulfilled its verified contractual obligations and is dedicated to maintaining a fair and efficient forex market for all participants.
As the global economy continues to navigate through uncertain times, the clarity and accuracy of information regarding foreign exchange policies are crucial. The CBN’s efforts to clear the FX backlog are a significant step towards stabilizing the market and promoting confidence among investors and stakeholders. By fostering transparency and addressing concerns head-on, the central bank is paving the way for a more resilient and prosperous financial landscape in Nigeria.
