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The Central Bank of Nigeria (CBN) has taken a significant step towards restoring credibility and investor confidence in the economy by clearing over $7 billion in unsettled foreign exchange backlogs. According to CBN Governor Olayemi Cardoso, this move has not only raised investor confidence but also supported dollar inflows and foreign reserves accretion.Cardoso emphasized that credibility is at the heart of any central bank. When he took office, he made a promise to pay the backlog, despite having no idea where the funds would come from. The CBN conducted a forensic audit to understand the issues better and paid the backlog based on the recommendations.The clearance of the FX backlog has contributed to the rise in foreign exchange reserves, which now stand above $42 billion. The increased forex liquidity has also supported naira stability and made it easier for commercial banks to approve the use of naira-debit cards abroad. Cardoso described this development as “transformative” and noted that it would continue to drive innovation in the financial sector.Cardoso’s leadership has been instrumental in restoring credibility and confidence in the economy. He emphasized that reputation matters and that rebuilding it requires a commitment to transparency, accountability, and good governance. The CBN’s efforts to strengthen reserves, unify exchange rate windows, and create new channels for diaspora remittances and investments have all contributed to a more stable economic environment.As Nigeria looks to the future, the challenge is to ensure that these hard-won gains translate into durable prosperity for all Nigerians. Cardoso urged the next generation of leaders to build on the progress made and to prioritize policies that promote economic growth, stability, and development. With the right leadership and policies in place, Nigeria can unlock its vast potential and become a major player in the global economy.
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