Abuja, Feb, 29, 2024 – Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN) on Thursday promised that the apex bank will clear the remaining backlog of its foreign exchange commitments within the next few weeks.
He made the promise during the Foreign Portfolio Investor call, a forum organised by the Nigerian Exchange Group (NGX) with the CBN team.
The CBN governor said the recent reforms in the foreign exchange market were geared towards addressing distortions in the foreign exchange market.
He said that the CBN had cleared its foreign exchange backlog in all the banks except five and would do so in the next few days.
“Basically, what we have done with those is we have paid as much as we can to the point where we have cleared the backlog of all the banks save five. All the bank’s genuine and verifiable backlogs have been cleared save five.
“We are confident that we will shortly be in a position where the whole issue of forwards would be behind us. I would say in the next few days we should be in a position where the balance of the five would have been put behind us.”
“I have tried as much as possible to be consistent on this matter. I don’t make promises I don’t fulfil.
“ The last time I spoke on this matter, I was confident that within one month, we would be more or less out of it and I’m saying again that right now I think in the course of the next few days maybe a week and a half, this should be put behind us.” (GBN)
