Cardoso erases the $7 billion in currency backlogs at CBN

According to the CBN, impartial auditors from Deloitte Consulting made sure that only valid claims were honored.The Central Bank of Nigeria (CBN) has declared that all legitimate foreign exchange backlogs totaling $7 billion have now been cleared, fulfilling a significant promise made by its governor, Olayemi Cardoso.The achievement denotes the apex bank's legacy burden being effectively eliminated.On March 20, 2024, a statement was made in Abuja by Sidi Ali, the CBN's Acting Director of Corporate Communications, confirming the occurrence. Ali said that Deloitte Consulting's independent auditors carefully examined the transactions to make sure that only bona fide claims were made.She stressed that the apex bank recently concluded the payment of $1.5 billion to settle obligations to bank customers, effectively settling the residual balance of the FX backlog. “We made clearing the FX backlog a priority to restore credibility and confidence in the Nigerian economy," Cardoso had declared at a recent meeting.