In a significant development, the Central Bank of Nigeria (CBN) has successfully cleared the $7 billion foreign exchange (FX) backlog inherited, signalling a pivotal stride towards restoring economic confidence.
This milestone was disclosed recently by the apex bank’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali. She underscored the meticulous effort undertaken by the bank, employing Deloitte Consulting to ensure the settlement of only legitimate claims while invalid transactions were duly referred for further investigation.
The impact of this decisive action is evident as Nigeria’s external reserves soar to $34.11 billion as of March 7, 2024, marking the highest level attained in eight months. This commendable progress is attributed to a surge in remittance payments from Nigerians abroad and a notable increase in foreign investment in local assets, particularly government debt securities.
These strides align with the broader strategy delineated during the last Monetary Policy Committee (MPC) meeting, reflecting a concerted effort towards fostering economic stability and growth.
