Politics
Central Bank Of Nigeria (CBN) Resolves $7 Billion Forex Backlog
Central Bank Of Nigeria (CBN) Resolves $7 Billion Forex Backlog....KINDLY READ THE FULL STORY HERE▶
The Central Bank of Nigeria (CBN) has successfully resolved the $7 billion foreign exchange (FX) backlog that was pending when Yemi Cardoso assumed office as the Governor of the apex bank.
The announcement of this achievement came through a statement on Wednesday by the CBN Acting Director of Corporate Communications, Hakama Sidi Ali.
According to Ali, all legitimate claims have been settled, while any claims found to be illegitimate were not honored.
Ali further explained that the CBN engaged the services of an independent auditing firm, Deloitte Consulting, to meticulously assess all claims. Any transactions deemed invalid were referred to the appropriate authorities for further scrutiny.
Meanwhile, Nigeria’s foreign reserves have experienced a notable increase, reaching $34.11 billion as of March 7, 2024, marking a 2.83% rise from the $33.17 billion recorded at the beginning of the year.
Based on the latest data from the Central Bank of Nigeria (CBN), this figure represents the highest reserve level in eight months.
The recent data indicates a significant surge in external reserves, with a $993 million increase in just one month, reaching the highest level since June 30, 2023.
On March 7, 2024, the external reserves stood at $34,110,027,381, surpassing the previous month’s amount of $33,116,051,881 reported on February 8, 2024.
The data underscores a consistent reserve range of $32 to $33 billion over the past eight months. The March 7 record marks the highest level since June 30, 2023, when reserves peaked at $34,119,447,986.
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Source: Bushradiogist
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