For the first time in eight months, Nigeria’s external reserves climbed to $34.11bn even as the Central Bank of Nigeria (CBN disclosed that it has cleared the $7 billion foreign exchange (FX) backlog inherited by Governor Yemi Cardoso.
This cheering news was contained in a statement released on Wednesday by the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali,.
She said the CBN 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,” she stated.
The CBN’s commitment to tackling the FX backlog appears to be paying off.
External reserves have seen a significant rise, reaching $34.11 billion as of March 7, 2024, the highest level in eight months
This month-on-month increase is attributed to a notable rise in remittance payments from Nigerians abroad and increased foreign investment in local assets, including government debt securities.
The CBN’s actions are part of a broader strategy outlined during the last Monetary Policy Committee (MPC) meeting.
