CBN Governor Olayemi Cardoso announced on Wednesday that the Federal Government has successfully cleared the outstanding $7 billion foreign exchange (FX) backlog owed to various firms. This follows a thorough verification process conducted by forensic auditors.
Cardoso made this disclosure at the launch of Nigeria’s Regulatory Policy Framework, an event organized by the Presidential Enabling Business Environment Council (PEBEC). The forum, held at the State House Conference Hall in Abuja, brought together key regulators and policymakers.
Speaking at the event, Cardoso expressed optimism that clearing the FX backlog would help alleviate challenges related to the repatriation of funds by businesses, multinationals, and foreign investors. However, he acknowledged that the process took longer than initially expected.
“In addressing foreign exchange liquidity constraints, decisive steps have been taken to clear the $7 billion forex backlog to ensure that businesses, multinationals, corporations, and foreign investors can repatriate funds seamlessly," Cardoso said.
“This initiative has restored confidence among market participants and reinforced Nigeria’s commitment to meeting its financial obligations in a timely and efficient manner. Regarding the $7 billion backlog, we have cleared all verified claims.
“We have also reviewed the unverified ones, and we are now at the final stage of determining what qualifies as fully verified. Once that process is completed, payments will be made for those verified by the forensic auditors. It is unfortunate that it took this long, but the reality is that certain practices occurred that should never have happened. Moving forward, we are committed to strengthening the market and fostering the trust that investors expect and deserve.”
In her remarks, PEBEC Director-General, Princess Zahrah Audu, emphasized the importance of policy stability for businesses operating in Nigeria. She noted that one of the commission’s key objectives is to ensure a predictable regulatory environment that fosters business confidence.
“We want businesses to play an active role in shaping policies. One of the things we encourage our ministries, departments, and agencies (MDAs) to do is conduct sectoral stakeholder engagements in smaller groups before policies are implemented. Now, there is a more thorough process to go through before a policy is passed into law,” Audu stated.
She reassured business leaders that the current administration is committed to doing things differently, emphasizing inclusivity and responsiveness to private sector concerns.
“Our doors will always be open, and we will be highly responsive to calls and emails. My predecessor has left a strong foundation for us to build on, and we will continue to ensure that the regulatory landscape supports business growth,” she added.
With the clearance of the FX backlog and a commitment to stable policies, Nigeria aims to restore investor confidence and enhance the ease of doing business in the country.
