BusinessCBN Yet To Fully Clear $7bn Forex Backlog- Cardoso

CBN Yet To Fully Clear $7bn Forex Backlog- Cardoso

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The Central Bank of Nigeria, CBN, has explained why the forex backlog, totaling $7 billion has yet to be fully cleared. The apex bank said a chunk of the backlog has not been paid because they have not been fully verified, there’s ongoing forensic audit of the process to offset the backlog, CBN Governor Yemi Cardoso said.

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The CBN Governor disclosed this on Wednesday in Abuja, the nation’s capital during the launch of Nigeria’s Regulatory Policy Framework, organised by the Presidential Enabling Business Environment Council.

In march last year, the Cardoso-led apex bank said the anti-graft agency, the Economic and Financial crimes Commission, EFCC, had been brought in to investigate  operators claiming they were owed forex.

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A total of over $7 billion were owed to operators in the banking, Aviation, Shipping and other sectors by the Buhari administration part of of which have already been cleared.

Checks by the magazine indicate that over $5 billion had already been cleared last year by the CBN after thorough audit process, of who and who was truly owed.

Speaking yesterday, Cardoso said the audit process is still on, and in the “final stages of separating what qualifies as fully verified,” before owners are allowed to repatriate such monies.

He said a lot of manipulations were involved in the forex issues that should not have been allowed to happened, but that the manner that the CBN handled the process has restored confidence to investors that they have no worries in repatriating their funds from the country. 2.5M

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Cardoso said, “This initiative has restored confidence among market participants and reinforced Nigeria’s commitment to honouring financial obligations in a timely and efficient manner. Talking about the $7bn backlog, we have cleared the verified claims.

“We also looked at the unverified ones, and I believe that we are at the final stages of separating what qualifies as fully verified, and we will surely be paying out those money that have been verified by the forensic auditors. It is unfortunate, to be honest, that it has taken so long.

“But the truth of the matter is that there were a lot of practices that went on that really should never have happened in the first place. That said, we are going to ensure that we do what we need to do to strengthen our market and create a better trust in what you investors naturally desire and deserve.”

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