Central Bank of Nigeria Governor, Olayemi Cardoso, announced Wednesday that the government has resolved the long-standing $7 billion foreign exchange backlog. Following a forensic audit, verified claims have been settled, paving the way for businesses, multinational corporations, and foreign investors to repatriate funds without hindrance. Cardoso made the announcement at the launch of Nigeria’s Regulatory Policy Framework, hosted by the Presidential Enabling Business Environment Council (PEBEC) in Abuja. He acknowledged the delays in resolving the backlog, attributing them to past irregularities, and emphasized the government’s commitment to strengthening the market and fostering investor confidence. Cardoso stated that while verified claims have been paid, the process of reviewing unverified claims is nearing completion, with payments to follow for those that are validated. He stressed that this action will alleviate bottlenecks in fund repatriation.
Earlier, PEBEC Director-General, Princess Zahrah Audu, highlighted the importance of a stable and predictable policy environment for businesses, echoing President Tinubu’s commitment to this goal.
She emphasized the collaborative nature of the new policy framework, inviting input from businesses and stakeholders to ensure a balanced approach that considers both government and private sector perspectives. Audu affirmed PEBEC’s responsiveness and commitment to ongoing dialogue with stakeholders.
