CBN will soon commence final settle
Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso yesterday said that the apex bank will soon commence final settlements of the outstanding amount from the $7 billion foreign exchange obligation backlog.

Cardoso at the launch of the new Foreign Exchange, FX Code in Abuja, disclosing that the forensic verification process is now near complete, and final settlements will be processed.

Noting the high level of unethical and illegal practices discovered during the verification of the FX backlog, Cardoso vowed any bank found to be involved in Foreign Exchange (FX) infractions under the new FX Code would face prompt, swift sanctions.

He added that Board Chairman and management of the bank’s must lead from the front in adhering to the code which provides new principles on ethical transparent FX transactions for Authorised Dealers.

He said the era in which participants undertook unethical practices, taking advantage of the system, the Nigerian economy and Nigerians was over.

He said, “We must not forget where we are coming from. The era of multiple exchange rates, which created privileges for a select few at the expense of most Nigerians, severely undermined market integrity.

“As an example, the $7bn of FX backlogs that has taken over 12 months to verify has led to the discovery of multiple unethical and even illegal practices that we should not be proud of as a nation.

“The forensic verification process is now near complete, and final settlements will be processed accordingly.

“Similarly, the period of unprecedented ways-and-means-financing inflicted significant damage on our economy, contributing to inflation, currency depreciation, and eroded public confidence.

“These practices must never return. The FX Code is a firm rejection of such distortions and an equally firm commitment to a future defined by fairness, trust and market-driven principles.

“Board Chairs, Managing Directors, and Chief Compliance Officers – must lead from the front, embedding these standards within your organizations is not optional.

https://www.vanguardngr.com/2025/01/cbn-will-soon-commence-final-settlements-of-7bn-fx-backlog-cardoso/