The Central Bank of Nigeria has commenced a re-validation exercise to ascertain complaints of manufacturers and importers over foreign exchange claims worth $2.4bn.
The CBN Governor, Olayemi Cardoso, disclosed this while speaking to the business community at a special summit dinner organised by the Nigerian Economic Summit Group on Tuesday night in Abuja.
He said the bank has finalised its first stage of verification and is currently going through a second stage to authenticate claims by manufacturers.
This new development comes eight months after the apex bank claimed to have cleared fx forwards worth $7bn, effectively eliminating a legacy burden.
But the real sector, under the auspices of the Manufacturers Association of Nigeria, complained of the apex bank’s failure to clear unredeemed FX forward contracts incurred under the administration of the former governor, Godwin Emefiele.
The association in August said the continued failure to resolve the issues was piling pressure on industries, causing them to declare huge losses.
