The Central Bank of Nigeria (CBN) said on Tuesday the forensic verification of the $7 billion FX backlogs is nearing completion.
The CBN Governor, Olayemi Cardoso, disclosed this at the launch of the Nigeria Foreign Exchange (FX) Code in Abuja.
Cardoso stressed the importance of this milestone in restoring transparency and trust in the market.
He added that the verification process which uncovered unethical and illegal practices in FX transactions is now in its final stages.
The FX backlogs stem from legacy issues during a period of multiple exchange rates and systemic abuses that eroded public confidence.
He said: “We must not forget where we are coming from. The era of multiple exchange rates, which created privileges for a select few at the expense of most Nigerians, severely undermined market integrity.
“As an example, the $7 billion of FX backlogs that has taken over 12 months to verify has led to the discovery of multiple unethical and even illegal practices that we should not be proud of as a nation. The forensic verification process is now near complete, and final settlements will be processed accordingly.”
Cardoso also highlighted the negative consequences of past practices, including inflation, currency depreciation, and the erosion of public confidence in the system.
He assured stakeholders that such distortions would no longer be tolerated under his watch.
By: Babajide Okeowo
