CBN to Settle only Verified Forex Backlog Claims

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has confirmed that only verified claims from the $7 billion foreign exchange backlog will be settled.

He emphasized that clearing the backlog will enable multinational businesses and investors to repatriate funds. Despite delays, he assured that decisive measures have been taken to address FX liquidity challenges, restoring confidence among market participants.

Speaking at the launch of Nigeria’s Regulatory Policy Framework at the State House Conference Hall, FCT, Cardoso revealed that forensic verification uncovered widespread unethical practices. He warned that such misconduct would attract severe penalties under the new FX code.

Cardoso also stated that unverified claims identified during the audit are under final review.

“We also looked at the unverified ones, and I believe that we are at the final stages of separating what qualifies as fully verified, and we will surely be paying out those money that have been verified by the forensic auditors.”

He explained that the prolonged verification process was necessary to expose irregularities and that the newly implemented FX code would prevent similar issues in the future.

“We are going to ensure that we do what we need to do to strengthen our market and create a better trust in what you investors naturally desire and deserve.”

At the event, Presidential Enabling Business Environment Council (PEBEC) Director-General, Princess Zahrah Audu, reassured businesses of a stable operating environment and emphasized the government’s commitment to consulting business owners before implementing policies.

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CBN Begins Forex Backlog Payments

Meanwhile, the CBN has announced the commencement of payments for verified FX backlogs. Cardoso urged affected businesses to remain patient as the verification process nears completion. He acknowledged that the audit, which lasted over a year, was necessary due to the numerous irregularities uncovered.