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CBN Clears Outstanding $7bn FX Backlog
CBN Clears Outstanding $7bn FX Backlog
Governor of the Central Bank of Nigeria, Olayemi Cardoso, on Wednesday, announced that the Federal Government has cleared the outstanding $7bn foreign exchange backlog following a successful verification exercise by forensic auditors.
Cardoso disclosed this at the launch of Nigeria’s Regulatory Policy Framework organised by the Presidential Enabling Business Environment Council.
The event, which was tagged the regulators’ forum, took place at the State House Conference Hall in Abuja.
Cardoso explained that they are optimistic the clearance of the $7bn backlog would ease off the bottlenecks associated with repatriation of funds by businesses, multinationals and foreign investors.
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