The Central Bank of Nigeria (CBN) says all valid foreign exchange backlogs worth seven billion dollars have now been settled, fulfilling a key pledge of its governor, Olayemi Cardoso.

In a statement, the apex bank’s acting director of corporate communications, Hakama Sidi Ali, confirmed that independent auditors from Deloitte Consulting meticulously assessed these transactions, ensuring that only legitimate claims were honored.

She said the CBN recently concluded the payment of $1.5 billion to settle obligations to bank customers, effectively settling the residual balance of the FX backlog.

At a recent meeting, Governor Cardoso declared that the bank had made clearing the FX backlog a priority to restore credibility and confidence in the Nigerian economy.

The clearance of the FX transaction backlog is part of the overall strategy detailed in last month’s meeting of the Monetary Policy Committee to stabilize the exchange rate and thereby curb imported inflation.