CBN SETTLES ALL FOREX BACKLOG, AS EXTERNAL RESERVES RISE TO $34.11bn

Central Bank of Nigeria (CBN) has cleared the $7 billion foreign exchange (FX) backlog inherited by Governor Yemi Cardoso.

Gatekeepers News reports that this was disclosed In a statement on Wednesday, CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, confirmed settlement of all valid FX backlog claims.

This move fulfills a key pledge on his appointment and signifies a significant step towards restoring confidence in the economy.

The CBN, she said, employed Deloitte Consulting, an independent auditing firm, to meticulously assess the transactions, ensuring that only legitimate claims were honoured.

“Any invalid transactions were referred to the relevant authorities for further investigation,” she stated.

The CBN’s commitment to tackling the FX backlog appears to be paying off.

External reserves have seen a significant rise, reaching $34.11 billion as of March 7, 2024, the highest level in eight months

This month-on-month increase is attributed to a notable rise in remittance payments from Nigerians abroad and increased foreign investment in local assets, including government debt securities.

The CBN’s actions are part of a broader strategy outlined during the last Monetary Policy Committee (MPC) meeting.


https://thenationonlineng.net/breaking-cbn-setles-all-fx-backlog-as-external-reserves-rise-to-34-11bn/

May Tinubu succeed

May Nigeria succeed

Jagaban.. in Odumeje's voice.. E nwere ya.( "you have it" in igbo language). You dey work , E dey Show..

CBN don scatter all the backlog wey dem inherit, thank God for the rise in external reserves to 34.11bn, we dey see progress small small.

Biodun556:

May Tinubu succeed

May Nigeria succeed

AMEN ooo

I'll always continue to wish Nigeria well & pray for her to succeed, albeit the many challenges bedevilling the country.

We just need the dollar to drop drastically.. not this writeup

Finally, some good news for our economy! CBN settling all FX backlog and rising external reserves show a promising step towards stability.

How much is dollar rate now

Kudos to Jagaban.

Very good news. Kudos to CBN and Cardozo

Kaycee9242:
How much is dollar rate now

The best of macroeconomic policies takes some time (at least a year) to yield intended results. However the movement of some key macroeconomic variables can show us whether the policy will achieve its goal or not. For instance, if an economic policy effects rising External Reserve, it’s a good sign we are moving in the right direction. The Naira value will not go up unless you build a large External Reserve.

I agree with you that the dollar rate is too high, but we need patience. And Tinubu needs our prayers!

Its
A
Good
One

Why
Is
Debts
Weakening Nigeria

Do
You
Know
USA owes debt in trillions of dollars up to 32trillion dollars, followed by UK. Japan ,etc

Why
Is
IMF and world bank
Not telling
Them
To
Devalue
Their
Currencies

DEXTROVERT:
Its
A
Good
One

Why
Is
Debts
Weakening Nigeria

Do
You
Know
USA owes debt in trillions of dollars up to 32trillion dollars, followed by UK. Japan ,etc

Why
Is
IMF and world bank
Not telling
Them
To
Devalue
Their
Currencies

Thank you, that is the question we suppose to be asking instead of crying and wailing...

These whites are very selfish, calculative and manipulative to the core..what dey want I a puppet and a slave, they can never stand it when a currency is higher in value than theirs, it gives them problems.

Even if USA dey owe the whole country in the world their currency won't be devalued....na bargain