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CBN resolves outstanding FX backlog, as external reserves jump to $34.11bn

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CBN Governor Olayemi Cardoso.

The Central Bank of Nigeria on Wednesday said it has cleared the $7 billion outstanding foreign exchange obligations while the country’s external reserves have increased to a significant $34.11 billion.

This is contained in a statement issued by CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali.

The apex bank said all legitimate claims for foreign exchange backlog had been resolved.

According to the CBN, it employed Deloitte Consulting, an independent auditing firm, to meticulously assess the transactions, ensuring that only legitimate claims were honoured.

“Any invalid transactions were referred to the relevant authorities for further investigation,” it said.

The CBN’s actions are part of a broader strategy outlined during the last Monetary Policy Committee (MPC) meeting.

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