The Central Bank of Nigeria (CBN) has announced that it is in the final stages of verifying the remaining $2.4 billion in outstanding foreign exchange (FX) claims, with payments expected to begin shortly.
Speaking at the Foreign Direct Investors Roundtable in Abuja, CBN Governor Olayemi Cardoso provided an update on the FX backlog, which initially stood at $7 billion when he assumed office. Over time, this amount has been reduced to $2.2 billion, with $2.4 billion flagged for further verification due to concerns about validity.
Forensic Review Nearing Completion
In response to pressure from the Manufacturers Association of Nigeria (MAN) and other stakeholders, the CBN launched a forensic verification process to ensure that outstanding claims are legitimate.
Cardoso assured that the review process is almost complete:
“Yes, we started with a backlog of $7 billion, and we have successfully cleared all verified claims. We are now finalizing the separation of valid and invalid transactions, and once this is complete, payments will begin immediately,” he stated.
Delays Due to Past Irregularities
While acknowledging the delay in processing payments, Cardoso attributed it to questionable transactions from the past that needed thorough investigation.
“Unfortunately, it has taken longer than expected, but that’s because some of these transactions should never have been approved in the first place. Moving forward, we are committed to building a more transparent and trustworthy market that investors can rely on,” he added.
Boosting Investor Confidence
The CBN governor also expressed confidence in Nigeria’s economic potential, citing the country’s large consumer market and skilled labor force as key attractions for investors. He reaffirmed the CBN’s commitment to transparency, economic stability, and collaboration with fiscal authorities to create a more investor-friendly environment.
On the issue of high interest rates, Cardoso emphasized that inflation remains the primary challenge:
“Inflation is the real issue—if people lose purchasing power, businesses will struggle to sell goods. Addressing this is crucial for long-term economic stability,” he explained.
Government Reaffirms Business-Friendly Policies
Meanwhile, Ibrahim Hadejia, Deputy Chief of Staff to the Vice President, reiterated the federal government’s commitment to improving the investment climate.
“Our goal is to attract both local and foreign investments by ensuring a regulatory environment that is clear, efficient, and supportive of business growth,” Hadejia stated.
As part of these efforts, the government has introduced a Regulatory Impact Analysis Framework to streamline investment processes and reduce bureaucratic bottlenecks.
With the FX backlog verification nearing completion, businesses awaiting payments can expect relief soon, marking a significant step towards restoring confidence in Nigeria’s financial system.
