Breaking: CBN clears all FX backlog as external reserves rise to $34.11bn

The Central Bank of Nigeria (CBN) says it has successfully settled all outstanding foreign exchange (FX) backlog inherited by its current governor, Yemi Cardoso.

CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, disclosed this in a statement on Wednesday evening, March 20, 2024.

She said the CBN engaged Deloitte Consulting, an independent auditing firm, to meticulously assess the transactions, ensuring that only legitimate claims were honoured.

According to her, “Any invalid transactions were referred to the relevant authorities for further investigation.” This development comes just as the external reserves witnessed a significant rise, reaching $34.11 billion as of March 7, 2024, the highest level in eight months.