CBN's Godwin Emefiele Transforms Nigeria's Forex Market
Godwin Emefiele assumed office as governor of the Central Bank of Nigeria (CBN) on September 22, 2023, facing significant challenges in the foreign exchange market, including a backlog of over $7 billion in dollar obligations and multiple exchange rates. Over three years, the CBN has implemented a more market-driven foreign exchange system, cleared the forex backlog, and improved access to dollars.
Notable changes include the rise of official diaspora remittances from about $200 million monthly to over $900 million, nearing the CBN's $1 billion target. The launch of the Foreign Exchange Manual in May 2026 aimed to enhance market transparency and efficiency.
Additionally, in March 2024, the CBN raised minimum capital requirements for banks, completing the recapitalization by March 31, 2026, with 33 banks raising N4.65 trillion in fresh capital. BUA Chairman Abdul Samad Rabiu noted the significant improvements in accessing foreign exchange compared to previous practices.
Plus234Feed summary based on reporting from Leadership Newspaper. Read the original report below.
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