Central Bank Of Nigeria’s FX Debt Limited To Five Banks Reveals Cardoso

Central Bank Of Nigeria’s FX Debt Limited To Five Banks Reveals Cardoso....KINDLY READ THE FULL STORY HERE▶

The Central Bank of Nigeria’s Governor, Olayemi Cardoso, declared that the resolution of foreign exchange backlogs in banks is nearly complete, with only five institutions remaining to be addressed. Cardoso provided this update during an investor call organized by the Nigerian Exchange Group on February 29. He assured that the outstanding FX backlogs in the remaining banks would be cleared in the coming days.

Cardoso stated, “We have successfully addressed and cleared the backlog of all banks except for five. Genuine and verifiable backlogs have been settled, and we are confident that the remaining five will also be resolved shortly. The forward exchange issue should be completely resolved in the next few days, possibly within a week and a half. I have consistently conveyed accurate information on this matter, and we are on track to fulfill our commitments.”

In addition to addressing the FX backlog, Cardoso disclosed positive economic news, indicating that Nigeria has attracted $2 billion in foreign portfolio inflows in the current year. This comes on the heels of the National Bureau of Statistics reporting a total of $3 billion in foreign portfolio inflows for Nigeria in 2023. The Governor’s reassurances and the influx of foreign investments reflect positive developments for the country’s economic landscape.

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