The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso has announced that forensic verification to clear all pending foreign exchange backlogs is now completed and payments will commence soon.
Speaking during the launch of the foreign exchange code, Cardoso lamented how it took the bank over twelve months to clear the $7 billion foreign exchange backlog in 2024.
Cardoso said the era of multiple exchange rates which accorded privileges to a select few is gone, adding that all deposit money banks that flout the ethics of the foreign exchange code will face sanctions.
Cardoso also criticised what he described as the era of unprecedented ways and means of financing which impacted negatively on the economy, leading to high inflation rate and currency depreciation.