Aaior K. Comfort

The Central Bank of Nigeria (CBN) has initiated a re-validation process to address $2.4 billion in foreign exchange (FX) claims by manufacturers and importers. CBN Governor Dr. Olayemi Cardoso made this announcement during a summit dinner in Abuja. He revealed that the first stage of verification has been completed, and the bank is now in the second stage to confirm the legitimacy of the claims.

This comes after the Manufacturers Association of Nigeria raised concerns about unredeemed FX forward contracts, which have strained the industry, causing significant losses. Cardoso emphasized the bank’s focus on inflation control, price stabilization, and improving FX management.

Additionally, the CBN has reported $600 million in diaspora remittances for 2024, a significant increase from previous years.

The governor reaffirmed the bank’s commitment to transparency and orthodox monetary tools, stressing that taming inflation remains a top priority.