CBN Clears $7bn Forex Backlog, Implements Reforms for Financial Stability

The Central Bank of Nigeria (CBN) has successfully cleared a $7 billion verified forex backlog and is implementing major reforms to enhance Nigeria's financial system. During an outreach program in Calabar, CBN officials, including Uch Tobia Cardoso, highlighted efforts to unify exchange rates and reduce forex market volatility.

The CBN is focused on promoting financial inclusivity and educating the public on modern payment systems. The bank is also embarking on a recapitalization exercise to boost the resilience and competitiveness of Nigerian banks.

Additionally, the CBN is emphasizing the importance of alternative payment systems and maintaining monetary price stability.