Nigeria’s Central Financial institution slashes foreign exchange backlog estimate by $4.8 billion

Nigeria’s Central Financial institution slashes foreign exchange backlog estimate by $4.8 billion

After months of hypothesis round Nigeria’s FX backlog, Nigeria’s Central Financial institution Chief has mentioned the nation’s “legitimate foreign exchange backlogs” stand at $2.2 billion. The CBN arrived on the determine after subjecting the initial claims of the $7 billion to a protracted audit.

On Monday, Yemi Cardoso, the Central Financial institution Governor, advised Come up TV that the $7 billion determine was audited by Deloitte and round $2.4 billion in “invalid claims” have been found. 

Based on Cardoso, some infractions embrace not having legitimate import paperwork, claims from entities that didn’t exist, beneficiaries and account events who received extra international alternate than they requested for and a few who didn’t ask for foreign exchange however received it. 

“We’re not paying these claims if it’s not a validly constituted request,” Cardoso mentioned. And whereas Cardoso claimed the arrears owed to airways had been paid, the airline affiliation IATA mentioned there was nonetheless $700 million unpaid.

“What stays is about $ 2.2 billion to be settled, and I’m assured. We’d clear all of that very shortly,” he added.

Final week, the CBN issued new policy directions to stabilise the Naira after every week of volatility. The apex financial institution goals to unify costs and shut the disparity between the official FX window and the parallel market. 

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