Following the clearing of all valid foreign exchange backlogs by the Central Bank of Nigeria (CBN) on Wednesday, and increased inflow at the Nigeria Autonomous Foreign Exchange Market (NAFEM), the value of the naira gained significantly on Thursday with the value rising from N1,536.83 which it closed on Wednesday to N1,382.85 to the dollar.
Following the clearing of all valid foreign exchange backlogs by the Central Bank of Nigeria on Wednesday, and increased inflow at the Nigeria Autonomous Foreign Exchange Market , the value of the naira gained significantly on Thursday with the value rising from N1,536.83 which it closed on Wednesday to N1,382.85 to the dollar.
Staying that 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, she disclosed that independent auditors from Deloitte Consulting meticulously assessed these transactions, ensuring that only legitimate claims were honoured. Any invalid transactions were promptly referred to the relevant authorities for further scrutiny.
Cardoso emphasised the priority of clearing the FX backlog to enhance credibility and confidence in the Nigerian economy.
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