{"id":113746,"date":"2024-03-20T20:22:51","date_gmt":"2024-03-20T19:22:51","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/breaking-cbn-clears-all-fx-backlog-as-external-reserves-hits-34-11bn"},"modified":"2024-03-21T00:22:03","modified_gmt":"2024-03-20T23:22:03","slug":"breaking-cbn-clears-all-fx-backlog-as-external-reserves-hits-34-11bn","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/breaking-cbn-clears-all-fx-backlog-as-external-reserves-hits-34-11bn","title":{"rendered":"BREAKING: CBN clears all FX backlog as external reserves hits $34.11bn"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The Central Bank of Nigeria (CBN), on Wednesday, announced it has cleared the $7 billion foreign exchange (FX) backlog inherited by Governor Yemi Cardoso.<\/p>\n

The apex bank said the development fulfills a key pledge on his appointment and signifies a significant step towards restoring confidence in the economy.<\/p>\n

This was made known in statement on Wednesday by CBN\u2019s Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, confirming the settlement of all valid FX backlog claims.<\/p>\n

Ali said the CBN employed Deloitte Consulting, an independent auditing firm, to meticulously assess the transactions, ensuring that only legitimate claims were honoured.<\/p>\n

\u201cAny invalid transactions were referred to the relevant authorities for further investigation,\u201d she stated.<\/p>\n

The CBN\u2019s commitment to tackling the FX backlog appears to be paying off, with the external reserves seeing a significant rise, reaching $34.11 billion as of March 7, 2024, the highest level in eight months<\/p>\n

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.<\/p>\n

The apex bank\u2019s actions are noted to part of a broader strategy outlined during the last Monetary Policy Committee (MPC) meeting.<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The Central Bank of Nigeria (CBN), on Wednesday, announced it has cleared the $7 billion foreign exchange (FX) backlog inherited by Governor Yemi Cardoso. The apex bank said the development fulfills a key pledge on his appointment and signifies a significant step towards restoring confidence in the economy. This was made known […]<\/p>\n","protected":false},"author":84,"featured_media":113745,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[1570,2140,1578,503,254],"class_list":["post-113746","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-nigeria-2","tag-breaking","tag-cbn","tag-nigeria"],"yoast_head":"\nBREAKING: CBN clears all FX backlog as external reserves hits $34.11bn - Nigeria<\/title>\n<meta name=\"description\" content=\"The Central Bank of Nigeria (CBN), on Wednesday, announced it has cleared the $7 billion foreign exchange (FX) backlog i ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/breaking-cbn-clears-all-fx-backlog-as-external-reserves-hits-34-11bn\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BREAKING: CBN clears all FX backlog as external reserves hits $34.11bn\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria (CBN), on Wednesday, announced it has cleared the $7 billion foreign exchange (FX) backlog i ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/breaking-cbn-clears-all-fx-backlog-as-external-reserves-hits-34-11bn\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-20T19:22:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-20T23:22:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/03\/sm_1710960379.050004.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/breaking-cbn-clears-all-fx-backlog-as-external-reserves-hits-34-11bn#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/breaking-cbn-clears-all-fx-backlog-as-external-reserves-hits-34-11bn\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"BREAKING: CBN clears all FX backlog as external reserves hits $34.11bn\",\"datePublished\":\"2024-03-20T19:22:51+00:00\",\"dateModified\":\"2024-03-20T23:22:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/breaking-cbn-clears-all-fx-backlog-as-external-reserves-hits-34-11bn\"},\"wordCount\":217,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/breaking-cbn-clears-all-fx-backlog-as-external-reserves-hits-34-11bn#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/03\/sm_1710960379.050004.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"breaking\",\"CBN\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/breaking-cbn-clears-all-fx-backlog-as-external-reserves-hits-34-11bn#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/breaking-cbn-clears-all-fx-backlog-as-external-reserves-hits-34-11bn\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/breaking-cbn-clears-all-fx-backlog-as-external-reserves-hits-34-11bn\",\"name\":\"BREAKING: CBN clears all FX backlog as external reserves hits $34.11bn - 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