Breaking news: External reserves reach $34.11 billion, CBN clears all foreign exchange balances

The Central Bank of Nigeria (CBN) on Wednesday announced that it has liquidated the $7 billion foreign exchange (FX) balance inherited by Governor Emi Cardoso.

The apex bank said the development fulfills a key promise he made when he took office and marks an important step towards restoring confidence in the economy.

This was disclosed on Wednesday in a statement by the CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali, who confirmed that all valid foreign exchange outstanding claims have been settled.

Ali said the CBN hired independent auditing firm Deloitte Consulting to meticulously evaluate the transaction and ensure that only legitimate claims were honored.

“All invalid transactions have been referred to the relevant authorities for further investigation,” she said.

The CBN's efforts to tackle foreign exchange balances seem to be paying off, with foreign exchange reserves increasing significantly, reaching $34.11 billion as of March 7, 2024, the highest level in eight months. It has become.

This month-on-month increase was due to a notable increase in remittance payments from overseas Nigerians and an increase in foreign investment in domestic assets, including government bonds.

The apex bank's actions are being watched as part of a broader strategy outlined at the last Monetary Policy Committee (MPC) meeting.

Source: dailypost.ng