The Central Bank of Nigeria (CBN) says it is finalizing the verification process for the remaining $2.4 billion foreign exchange (FX) backlog. Payments for valid claims are set to begin.
Olayemi Cardoso, CBN governor, disclosed this in Abuja on Wednesday at the second existing foreign direct investors roundtable and regulators’ forum and the launch of Nigeria’s regulatory impact analysis framework.
Cardoso noted that the FX backlog, which stood at $7 billion when he assumed office, has now been reduced to $2.2 billion. In March last year, he stated that all valid claims had been settled, leaving $2.4 billion flagged as potentially invalid after an investigation.
Following pressure from the Manufacturers Association of Nigeria (MAN), the CBN initiated a re-validation process to address manufacturers’ and importers’ concerns over outstanding FX claims.
Providing an update, Cardoso said forensic verification is nearing completion.
“Yes, we had a backlog of $7 billion, and we have cleared the verified claims. We looked at the unverified claims, and I believe we are in the final stages of separating what qualifies as fully verified,” he said.
“I will shortly be paying out those monies that have been verified by the forensic auditors. Something told me that if there was anything I would get a clap for today, it was that.”
He acknowledged the delay but attributed it to irregularities in past transactions.
“It’s unfortunate that it has taken so long, but the truth is, there were a lot of practices that should never have happened in the first place. That said, we are focused on strengthening our market and creating trust, which investors naturally desire and deserve,” Cardoso added.
The CBN governor expressed optimism about Nigeria’s economic outlook, emphasizing the nation’s strong consumer base and skilled workforce. “Nigeria remains one of Africa’s most promising investment destinations,” he said. “Our policies are tailored to ensure a conducive environment for both local and foreign investors.”
Addressing concerns about high interest rates, Cardoso stressed the need to stabilize the economy. “The real monster is inflation; if the populace lacks spending power, goods will not sell,” he said.
He also reaffirmed the CBN’s commitment to transparency and closer collaboration with fiscal authorities to reinforce Nigeria’s attractiveness to investors.
Speaking earlier, Ibrahim Hadejia, deputy chief of staff to the president (vice-president’s office), reiterated the federal government’s dedication to fostering a business-friendly environment. “We are committed to creating a climate that attracts both local and foreign investments,” Hadejia said.
He added that the newly launched regulatory impact analysis framework would help streamline processes for investors.
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