Nigeria Settles $7 Billion Forex Backlog, Restores Investor Confidence

The Central Bank of Nigeria (CBN) has announced the clearance of $7 billion in outstanding foreign exchange obligations owed to various companies, following a thorough audit of the claims.

CBN Governor Olayemi Cardoso made this known during the launch of Nigeria’s Regulatory Policy Framework, organised by the Presidential Council for the Improvement of the Business Environment in Abuja.

He emphasised that this strategic move will ensure businesses, multinationals, and foreign investors can repatriate their funds seamlessly, fostering a more stable economic environment.

Cardoso further noted that the initiative has restored market confidence and reaffirmed Nigeria’s commitment to meeting its financial obligations efficiently.

According to him, many questionable practices have occurred in the past and that the apex bank will implement necessary measures to strengthen its market and establish greater investor confidence.

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