CBN Clears All Outstanding FX Backlog, As Nigeria’s External Reserves Jump to $34.11bn

CBN clears all outstanding fx backlog as Nigeria’s external reserves rises to $34.11 billion.

The Central Bank of Nigeria has successfully resolved all outstanding foreign exchange obligations while the country’s external reserves have increased to a significant $34.11 billion.

VerseNews reports that this was confirmed in a statement on Wednesday by Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications at CBN.

She confirmed that all legitimate claims for FX backlog have been resolved.

According to the CBN, it employed Deloitte Consulting, an independent auditing firm, to meticulously assess the transactions, ensuring that only legitimate claims were honoured.

“Any invalid transactions were referred to the relevant authorities for further investigation,” it said.

The CBN’s actions are part of a broader strategy outlined during the last Monetary Policy Committee (MPC) meeting.