The Central Bank of Nigeria (CBN) said it has set up foreign exchange frameworks to address the FX issues and has cleared the backlog with 31 banks.
Yemi Cardoso, governor of the CBN disclosed this on Friday at the bankers’ dinner in Lagos.
He said the payment of obligations will continue until it’s cleared completely.
He said the CBN will tackle institutional efficiencies, restore corporate governance, among others.
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“The CBN will discontinue direct intervention and the approved inflation explicit framework details are being finalised in line with fiscal authorities,” he said .
“Monetary policy will achieve price stability, reduce interest rates to encourage borrowing.
New fx framework will be implemented.”
Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
