A man who makes a promise and goes ahead to fulfill that promise, such a person is Indeed deserving of some respect.
This is the case of the Governor of the Central Bank of Nigeria, Olayemi Cardoso, who promised to clear all FX backlog and has indeed kept his words.
Many had criticised him for not hitting the ground running as expected, some even wondered if he was the right man for the job.
Alas! The man was silently understudying the problems, in order to profer the right solutions.
News making the rounds has it that the Central Bank of Nigeria has cleared all FX backlog, ahead of this month’s Monetary Policy Committee meeting.
The CBN cleared the $7 billion foreign exchange (FX) backlog inherited by Governor Yemi Cardoso.
Have You Read: Why CBN Will Hold MPC Meeting This Month
CBN Pays $7bn, Clears 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.
CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali, confirmed settlement of all valid FX backlog claims on Wednesday.
She said, the CBN, employed Deloitte Consulting, 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.
External Reserves Is On The Rise
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 8 months.
You May Also Like: Hardship: Want To Create Wealth? See CBN’s Recommendation
This increase is attributed to a rise in remittance payments from Nigerians abroad and increased foreign investment in local assets.
The CBN’s actions are part of a broader strategy outlined during the last Monetary Policy Committee (MPC) meeting.
