Governor of the Central Bank of Nigeria, Olayemi Cardoso, announced on Wednesday that the Federal Government has cleared the outstanding $7bn foreign exchange backlog to various firms following a successful verification exercise by forensic auditors.
Cardoso disclosed this at the launch of Nigeria’s Regulatory Policy Framework organised by the Presidential Enabling Business Environment Council.
The event, which was tagged the regulators’ forum, took place at the State House Conference Hall in Abuja.
Addressing the audience, Cardoso explained that the bank was optimistic the clearance of the $7bn backlog would ease the bottlenecks associated with the repatriation of funds by businesses, multinationals, and foreign investors.
According to the CBN governor, the outstanding forex clearance took far longer than they earlier anticipated.
He said, “In addressing foreign exchange liquidity constraint, decisive steps have been taken to clear outstanding $7bn forex backlog to ensure that businesses, multinationals, corporations, and foreign investors can repatriate funds seamlessly.”
