The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has confirmed the completion of the forensic verification process to clear the pending foreign exchange backlog. Payments to affected parties will commence shortly. The move follows a 12-month effort to eliminate a $7 billion backlog that had accumulated in 2024.
During the launch of the new foreign exchange code, Cardoso reflected on the challenges faced in clearing the backlog, which he described as a significant legacy issue for the bank. He emphasised that the previous system, characterised by multiple exchange rates that favoured a select few, has now come to an end.
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Cardoso warned that any deposit money banks found to be violating the principles of the new foreign exchange code would face severe sanctions.
The CBN Governor also took aim at what he called ‘unprecedented ways and means of financing’ that contributed to economic instability, particularly high inflation and the depreciation of the naira.
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