Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has revealed that the Nigerian Government has successfully cleared the long-standing $7 billion foreign exchange backlog owed to various firms. This was made possible after a comprehensive verification process conducted by forensic auditors.
Cardoso made the announcement on Wednesday, during the launch of Nigeria’s Regulatory Policy Framework, an event organized by the Presidential Enabling Business Environment Council (PEBEC) at the State House Conference Hall in Abuja. The event, dubbed the “Regulators’ Forum,” served as a platform for discussing key developments in Nigeria’s business environment.
The CBN Governor expressed optimism that the clearance of the forex backlog would significantly address challenges related to fund repatriation, benefiting businesses, multinational corporations, and foreign investors. He acknowledged that the process had taken longer than initially expected but emphasized that decisive actions were taken to resolve the issue and restore market confidence.
“In addressing foreign exchange liquidity constraints, we have taken significant steps to clear the outstanding $7 billion forex backlog,” Cardoso said. “This initiative has restored confidence among market participants and reinforced Nigeria’s commitment to honoring financial obligations promptly and efficiently.”
Cardoso also mentioned that while the verified claims have been settled, the process of reviewing unverified claims is nearing completion. He assured stakeholders that payments would continue as the final stages of verification are completed. Despite the prolonged timeline, he stressed that the delays were due to improper practices that should never have occurred in the first place. Moving forward, the CBN is committed to strengthening the market and rebuilding trust with investors.
Director-General of PEBEC Zahrah Audu, also addressed the gathering, noting that one of the primary expectations of businesses in Nigeria is a stable and predictable policy environment. She emphasized the government’s ongoing efforts to ensure that policies are developed in consultation with stakeholders, particularly through sectoral engagement, to better align business needs with regulatory frameworks.
“We encourage our MDAs (ministries, departments, and agencies) to engage with sector stakeholders in smaller groups. This allows for a more thorough process before policies are enacted,” Audu explained. “This administration is focused on doing things differently, always seeking input from the private sector, and ensuring that government policies are responsive and inclusive.”