CBN sets up FX framework, clears backlog with 31 banks

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.”