Globaltimes 
CBN Clears $7Bn Forex Backlog, Boosts Investor Confidence
In a major stride toward stabilizing Nigeria’s foreign exchange market, the Central Bank of Nigeria (CBN) has successfully cleared the outstanding $7 billion forex backlog after a rigorous verification exercise conducted by forensic auditors.
CBN Governor Olayemi Cardoso made this disclosure on Wednesday at the launch of Nigeria’s Regulatory Policy Framework, organized by the Presidential Enabling Business Environment Council (PEBEC) at the State House Conference Hall, Abuja.
Addressing stakeholders at the Regulators’ Forum, Cardoso emphasized that the clearance of the backlog would significantly ease challenges faced by businesses, multinationals, and foreign investors in repatriating funds, a major concern that has dampened market confidence in recent years.
Cardoso noted that while the clearance took longer than initially expected, the verification process was necessary to ensure transparency and accountability.
“In addressing foreign exchange liquidity constraints, decisive steps have been taken to clear the outstanding $7 billion forex backlog to ensure that businesses, multinationals, corporations, and foreign investors can repatriate funds seamlessly,” he said.
He assured investors that the move signals Nigeria’s renewed commitment to honoring financial obligations efficiently. “This initiative has restored confidence among market participants and reinforced Nigeria’s commitment to timely and efficient financial settlements,” he added.
The CBN governor revealed that the verification exercise exposed questionable transactions that should never have occurred. While verified claims have been settled, unverified ones are undergoing final scrutiny. “It is unfortunate that this process took so long, but the truth is that there were a lot of practices that should never have happened in the first place,” Cardoso said.
Despite past irregularities, he reiterated the CBN’s commitment to strengthening Nigeria’s financial market and fostering investor trust.
The clearance of the forex backlog comes at a critical time when the Nigerian economy is grappling with foreign exchange shortages and inflationary pressures.
By addressing liquidity constraints and ensuring smooth capital repatriation, the CBN aims to enhance foreign investment inflows and stabilize the naira.
With this move, Nigeria is positioning itself as a more attractive destination for global investors, reinforcing its commitment to financial discipline and a more transparent regulatory environment
