Business News

CBN to clear remaining FX backlog in the next few days- Cardoso 

The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso has stated that the remainder of the bank’s FX backlogs will be cleared in the next few days- most likely in a week and a half.  

The bank’s chief stated this during the Foreign Portfolio Investor call organised by the Nigerian Exchange Group (NGX) with the CBN team where the Governor stated that recent reforms were geared towards addressing distortions in the foreign exchange market.  

While responding to questions on the current size of the FX backlogs and steps being taken to clear them, the Governor stated that the CBN has cleared its FX backlog in all the banks except five and would do so in the next few days.  

He stated,

The issue of clearing the FX backlog is one of the priorities of the Governor of the CBN which he emphasized during his confirmation hearing at the senate. In the past few months, the bank has been able to clear a significant portion of its FX backlog in fulfilment of the Governor’s promise.