At the 2024 Law Week event of the Nigerian Bar Association, Mohammed Bello, the Deputy Governor, Corporate Services of the Central Bank of Nigeria, revealed that out of the claimed backlog of $7 billion forex claims, approximately $2.4 billion were fictitious. Bello disclosed that upon assuming office, numerous demands for clearance of outstanding forex obligations necessitated a comprehensive audit to determine their genuineness.
Clearing the authentic forex backlog aided the stabilisation of the Naira, Bello emphasized. He highlighted the positive impact, including the release of cheaper airline seats to Nigerians, reducing airfare costs, and alleviating pressure on the demand for foreign exchange.
Additionally, Bello noted that recent measures, including contractionary policies, aimed to reduce cash in circulation and tackle rising inflation rates. He mentioned the issuance of new guidelines on Bureau de Change and the revocation of licenses for over 4,000 BDCs to ensure orderliness in the sector.
The effects of these measures have been notable, with the Naira emerging as the best-performing currency globally and the FX market experiencing robust activities, reaching turnover levels not attained in over seven years.