The Governor of the Central Bank, Olayemi Cardoso, has declared that forensic verification to clear all remaining foreign exchange backlogs has been finished, and payments will begin soon.
The CBN declared in March of last year that the backlog had been cleared, essentially reducing a legacy burden.
During the launch of the foreign exchange code, Cardoso bemoaned that it would take the bank over a year to clear the $7 billion foreign exchange backlog in 2024.
The apex bank chief stated that the period of various exchange rates, which provided advantages to a select few, is over, and that any deposit money banks that violate the ethics of the foreign exchange code will face fines.
Cardoso also condemned what he saw as a period of unprecedented financing methods, which had a negative influence on the economy, resulting in high inflation and currency devaluation.
The foreign currency code serves as a guideline for the banking industry, encouraging ethical behaviour among dealers in Nigeria’s foreign currency market.
On the electronic foreign exchange matching system launched in December 2024, the central bank governor assured that the intervention has led to improved market transparency and efficiency, with the naira appreciating from N1,663 to one dollar as of December 2024 to 1,536 as of the 27th of January 2025.
While reiterating the bank’s commitment to exchange rate stability, he said the nation’s external reserve grew to $40.7 billion as of December 2024.
