CBN Settles $7bn Verified Forex Backlog
Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has disclosed that his administration has cleared over $7 billion in verified foreign exchange backlogs within two years in office.
He said the CBN under his watch has also implemented major reforms to strengthen Nigeria’s financial system, including the unification of exchange rates to reduce volatility in the forex market.
Cardoso made this known in Calabar during an interactive session with members of the public at the CBN Fair, an outreach programme aimed at enlightening Nigerians on the bank’s services and promoting financial inclusion.
The fair, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” was designed to deepen public understanding of modern payment systems and the apex bank’s reform initiatives.
Represented by the Assistant Director of Public Communications, Mr. Uche Tobias, Cardoso said the bank has also embarked on a recapitalisation exercise to enhance the resilience and global competitiveness of Nigerian banks and prepare them to support a $1 trillion economy.
Highlighting the growing importance of alternative payment systems, the CBN governor revealed that a non-resident Bank Verification Number (BVN) scheme has been introduced to connect Nigerians in the diaspora with local banking services.
According to him, the increased use of alternative payment channels has contributed to lowering inflation and stabilising the foreign exchange market. “We remain committed to fostering productivity, deepening financial inclusion, and maintaining monetary and price stability,” Cardoso said.
The CBN Branch Controller in Cross River State, Mr. Jibunoh Nwanneamaka, represented by the Head of Research, Mr. Jude Nwafor, said the 2025 edition of the CBN Fair was tailored to build trust, promote transparency, and enhance financial literacy among Nigerians.