FX Backlogs to be Cleared Soon – Cardoso

The governor of the Central Bank of Nigeria, Olayemi Cardoso, has said that foreign exchange backlogs have been cleared in all the banks except for five of them. Cardoso said this on Thursday during an investor call facilitated by the Nigerian Exchange Group, during which he said that the remainder of the banks’ FX backlogs would be cleared in the next few days. The CBN governor said, “Basically, what we have done with those is that we have paid as much as we can to the point where we have cleared the backlog of all the banks except five. All the banks’ genuine and verifiable backlogs have been cleared, except five. We are confident that we will shortly be in a position where the whole issue of forwards will be behind us. I would say in the next few days we should be in a position where the balance of the five would have been put behind us.