CBN Clears $7 Billion Foreign Exchange Backlog

The Central Bank of Nigeria (CBN) has cleared the $7 billion foreign exchange (FX) backlog which was pending when Yemi Cardoso took over as the Governor of the apex bank.

This development was announced in a statement on Wednesday by the CBN Acting Director of Corporate Communications, Hakama Sidi Ali.

According to her, all valid claims have been settled and only those claims found to be illegitimate were not honoured.

Ali explained that the CBN employed the services of an independent auditing firm, Deloitte Consulting, to meticulously evaluate all claims and any invalid transaction have been referred to appropriate authorities for further checks.

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

Nigeria’s Foreign Reserve Hits $34.11 Billion, Highest In 8 Months

Meanwhile, Nigeria’s foreign reserves have recorded an increase of 2.83%, jumping to $34.11 billion as of March 7, 2024, from $33.17 billion at the beginning of the year.

The figure, which is based on the latest data released by the Central Bank of Nigeria (CBN), is the highest  in eight months.

The most recent data from the Central Bank of Nigeria (CBN) shows a significant increase in external reserves, rising by $993 million in just one month and reaching the highest level in eight months.

On March 7, 2024, the external reserves totalled $34,110,027,381, which is higher than the previous month’s amount of $33,116,051,881 reported on February 8, 2024.

The data shows that the reserves have been staying pretty consistent at around $32 to $33 billion for the past eight months. The latest record on March 7 is the highest it’s been since June 30, 2023, when the reserves hit $34,119,447,986.