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    Thursday, July 11, 2024

    Clearing $7b FX Backlog was Instrumental in Restoring CBN Integrity -Cardoso

    The recent clearance of the $7 billion foreign exchange backlog has helped restore the credibility and integrity of the Central Bank of Nigeria (CBN), according to Cardoso.


    The Governor of the Central Bank, Olayemi Cardoso, stated that the primary objective of clearing the $7 billion foreign exchange backlog is to reestablish the bank’s credibility and integrity.

    In his opinion, there was a loss of trust in the Central Bank of Nigeria when he took office. “As a financial institution, our commitments must be honored. This is a crucial step in establishing credibility. It is tempting to disregard this principle, but I firmly believed that neglecting it would have negative consequences in the future,” he stated.

    During a recent fireside chat with Frank Aigbogun, the esteemed publisher and CEO of BusinessDay, held at the prestigious BusinessDay’s CEO Forum 2024, he made the aforementioned statement

    Recently, the Central Bank of Nigeria (CBN) announced the successful resolution of all legitimate foreign exchange backlogs, amounting to a total of $7 billion.

     

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