CBN Governor, Cardoso: Macro Insights – FX , Inflation, MPC

In assuming his role as CBN governor months ago, the fx backlog was c.USD7bn. However, after engaging one of the “the Big Four accounting and consulting firms”, to conduct a forensic audit. The result pointed towards USD2.4bn FX claims being invalid. Therefore, the resultant figure of USD4.6bn is what the CBN has been working with. As such, USD2.3bn has been settled already, leaving c.USD2.2bn to be settled going forward.