The Central Bank of Nigeria (CBN) has cleared the $7 billion foreign exchange (FX) backlog inherited by Governor Yemi Cardoso.

This move fulfils a key pledge on his appointment and signifies a significant step towards restoring confidence in the economy.

In a statement on Wednesday, CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, confirmed the settlement of ALL valid FX backlog claims.

External reserves have seen a significant rise, reaching $34.11 billion as of March 7, 2024, the highest level in eight months.

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