Olayemi Cardoso, the governor of the Central Bank, has announced that payment processing will soon begin after forensic verification has been completed.
Cardoso lamented how it took the bank more than a year to clear the $7 billion foreign exchange backlog by 2024 when Cardoso spoke at the start of the foreign exchange code.
In March last year, the CBN announced clearance of the backlog, effectively eliminating a legacy burden.
The apex bank boss claimed that there are no longer any privileges conferred to a select few when deposit money banks violate the ethics of the foreign exchange code.
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Cardoso also criticized what he claimed was the beginning of a new era of financing and depreciation, which led to a high inflation rate and currency depreciation.
The banking sector should follow the Foreign Exchange Code to promote ethical dealing in the country’s foreign exchange market.
The central bank governor stated that the intervention has improved market transparency and efficiency, with the naira rising from N1, 663 to N1 as of December 2024 to 1, 536 as of January 27th, 2025, according to the central bank governor in relation to the electronic foreign exchange matching system, which was introduced in December 2024.
Source: Channels TV
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