The Governor of the Central Bank of Nigeria, Olayemi Cardoso, announced on Wednesday that the Federal Government has successfully cleared a $7 billion backlog in foreign exchange obligations.
This development followed a meticulous verification exercise conducted by forensic auditors.
Cardoso made this known during the launch of Nigeria’s Regulatory Policy Framework, an event organized by the Presidential Enabling Business Environment Council.
The forum, held at the State House Conference Hall in Abuja, brought together key stakeholders to discuss regulatory reforms.
Providing further insight, the CBN governor expressed optimism that settling the outstanding forex commitments would alleviate challenges related to fund repatriation for businesses, multinational corporations, and foreign investors. However, he acknowledged that the process took longer than initially expected.
“In addressing foreign exchange liquidity constraint, decisive steps have been taken to clear outstanding $7bn forex backlog to ensure that businesses, multinationals, corporations and foreign investors can repatriate funds seamlessly,” Cardoso stated.
He emphasized that the initiative has helped rebuild market confidence and reaffirmed Nigeria’s dedication to meeting its financial commitments efficiently.
“Talking about the $7bn backlog, we have cleared the verified claims. We also looked at the unverified ones, and I believe that we are at the final stages of separating what qualifies as fully verified, and we will surely be paying out those money that have been verified by the forensic auditors. It is unfortunate, to be honest, that it has taken so long.
“But the truth of the matter is that there were a lot of practices that went on that really should never have happened in the first place. That said, we are going to ensure that we do what we need to do to strengthen our market and create a better trust in what you investors naturally desire and deserve,” he added.
During the event, PEBEC’s Director-General, Princess Zahrah Audu, highlighted the importance of policy stability for businesses.
She underscored the need for active stakeholder engagement in shaping regulatory decisions.
“We are going to help you become a part of the formation of this policy because one of the things we actively encourage our MDAs to do is to have a sectoral stakeholder engagement in smaller groups. Now there is a more thorough process to go through before a policy is passed into law,” Audu explained.
She reassured participants that the current administration is committed to a more inclusive approach to governance.
“It is very important to note that this administration will do things differently. We are constantly asking for your input because we don’t think we know it all. When you look at business from a government perspective, it is very different from looking at it from a private sector view.
“It is important that we always balance the two and see ourselves as stakeholders. Our doors will always be open, and we will be very responsive when it comes to calls and emails. As earlier said, my predecessor has left a viable platform for us to build on,” she said.
The forum served as a platform to reinforce Nigeria’s commitment to fostering a more predictable and business-friendly regulatory environment.
