In Major Economic Boost, CBN Clears $7 Billion FX Backlog As External Reserves Rise To $34.11bn

The Central Bank of Nigeria (CBN) has cleared the $7 billion foreign exchange (FX) backlog inherited by Governor Yemi Cardoso. This move fulfills a key pledge on his appointment and signifies a significant step towards restoring confidence in the economy....READ FULL ARTICLE

In a statement on Wednesday, CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, confirmed settlement of all valid FX backlog claims.

Related Post  JUST IN: Kano Governor Creates New Ministries, Nominates Kwankwaso’s Son As Commissioner

The CBN, she said, 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,” she stated. The CBN’s commitment to tackling the FX backlog appears to be paying off.

Related Post  BREAKING: Petrol Price Crashes, Marketers Speak On NNPC’s New Price

External reserves have seen a significant rise, reaching $34.11 billion as of March 7, 2024, the highest level in eight months

This month-on-month increase is attributed to a notable rise in remittance payments from Nigerians abroad and increased foreign investment in local assets, including government debt securities.

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

Related Post  BREAKING: War Of Words Escalates As Aiyedatiwa Responds To Betty Akeredolu

Be the first to comment

Leave a Reply

Your email address will not be published.


*