• Monday, July 15, 2024
businessday logo

BusinessDay

Clearing $7bn FX backlog restored CBN integrity — Cardoso

Monetary policy rate hikes stabilised the economy — Cardoso

The Central Bank Governor, Olayemi Cardoso, has said that clearing its $7 billion foreign exchange backlog was about restoring the bank’s integrity.

According to him, there was loss of confidence in the CBN when he assumed office. “As a bank, your yes must be yes. That is a major step in building credibility. It is very tempting to push that aside. But I was convinced that if we did not do it, we’ll pay the price for it in the future,” he said.

Read also: Whatever CBN does must impact person on the street – Cardoso

He said this in a fireside chat with Frank Aigbogun, publisher/CEO of BusinessDay, at BusinessDay’s CEO Forum 2024.

Recently, the CBN disclosed that it has settled all valid foreign exchange backlogs totalling $7 billion.