Nigeria's Central Bank clears $7bn forex backlog, confirmed by Deloitte auditors, to stabilize exchange rate, curb inflation, and boost banking confidence.

Nigeria's Central Bank (CBN) has reportedly cleared a $7bn foreign exchange (forex) backlog, fulfilling a key promise by the CBN Governor, Olayemi Cardoso. The bank confirmed that independent auditors from Deloitte Consulting assessed the transactions, ensuring only legitimate claims were honored. The clearance is part of the CBN's strategy to stabilize the exchange rate, curb imported inflation, and improve confidence in the banking system and the economy. The bank's external reserves have risen by $993 million to $34.11 billion, marking the highest level in eight months.

March 20, 2024
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