FX Debt: Why CBN Is Still Owing 5 Banks- Cardoso

Governor Olayemi Cardoso of the Central Bank of Nigeria (CBN) has addressed the ongoing issue of foreign exchange (FX) debt owed by banks, assuring stakeholders of progress and imminent resolution.

Cardoso Affirms Owing 5 banks FX Debts

During an investor call organized by the Nigerian Exchange Group, Cardoso acknowledged that while FX backlogs have been successfully cleared in most banks, five institutions still hold outstanding debts.

In his statement, Cardoso affirmed, “We have paid as much as we can, clearing the backlog in all banks except for five. These remaining backlogs are being actively addressed and are expected to be resolved within the next few days.”

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CBN Governor Assures To Resolve The Issue Of FX Debt In a Few Days

He emphasized the CBN’s commitment to resolving the issue expediently, stating, “I don’t make promises I don’t fulfill. We are confident that in the course of the next few days, this issue will be put behind us.”

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The governor’s remarks come amidst efforts to streamline Nigeria’s foreign exchange operations and boost investor confidence. Notably, Nigeria has seen $2 billion in foreign portfolio inflows this year, indicating sustained interest from international investors.

$2.4bn Attributed To FX Backlogs

Earlier revelations by Cardoso shed light on the complexities of the FX backlog, with approximately $2.4 billion attributed to various infractions, including requests from non-existent entities and inadequate import documentation.

Addressing these issues remains a priority for the CBN as it works towards a more transparent and efficient foreign exchange system.

As stakeholders await the resolution of the remaining FX debts, Cardoso’s reassurances underscore the central bank’s proactive approach to addressing challenges within Nigeria’s financial landscape.

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