The Central Bank of Nigeria (CBN) says that it has successfully cleared the accumulation of foreign currency of $ 7 billion (FX).
The announcement was made by the governor of CBN, Olayemi Cardoso, on Wednesday, during the launch of the Nigerian regulatory policy framework in the conference room of the House of Representatives in Abuja.
Cardoso explained that the authorization followed a process of integral verification carried out by forensic auditors, which has restored confidence in the financial system of Nigeria.
“We have taken decisive measures to address Forex's liquidity limitations by eliminating orders for $ 7 billion, ensuring that foreign companies and investors can now repatriate funds without delays,” said Cardoso.
Although the process took more than expected initially, the Governor of CBN expressed optimism on the impact of the resolution.
“While it is unfortunate that this has taken more time than we anticipate, the steps will strengthen the market and rebuild trust among investors,” he added.
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Cardoso also addressed the remaining unsecured claims, ensuring that the payments would be made once the auditors confirm them.
“We are in the final stages of separating fully verified claims, and the payments will immediately be made to those whose claims are validated.”
The general director of Pebec, Princess Zahrah Audu, also spoke at the event, emphasizing the importance of a stable and predictable political environment for companies to thrive.
He pointed out that the current administration is committed to involving interested parties and ensuring that policies are with the opinion of the public and private sectors
“We want to make sure that commercial policies are formed with their needs in mind, and we are open to collaboration with all interested parties,” Audu said.
Nigerian tribe