CBN Nearing Completion of FX Backlog Clearance

The Central Bank of Nigeria (CBN) is close to completing the clearance of outstanding foreign exchange (FX) backlogs, according to the Governor, Olayemi Cardoso.

In a recent investor call facilitated by the Nigerian Exchange Group, Cardoso said that only five banks have outstanding backlogs, and they are expected to be cleared in the next few days.

Cardoso emphasized that the backlogs of all other banks have been cleared, and the remaining five are in the process of being resolved.

He expressed confidence that the issue of forwards would soon be a thing of the past.

In addition to addressing the FX backlog, Cardoso revealed that Nigeria has attracted $2bn in foreign portfolio inflows this year.

This is a significant increase compared to the $3bn recorded in 2023, according to the National Bureau of Statistics.

The progress in clearing the FX backlogs and the increased foreign portfolio inflows are positive developments for the Nigerian economy, as they indicate a stronger financial system and increased investor confidence.

As the CBN nears the completion of the FX backlog clearance, it is important to keep an eye on the impact this will have on the economy and the financial sector.

With the foreign portfolio inflows already showing a marked improvement in 2024, Nigeria is poised to continue its growth trajectory and attract more investments in the coming years.