The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has disclosed that the clearance of $7 billion in foreign exchange (FX) backlogs has begun to yield positive results, significantly improving investor confidence and boosting FX inflows into the economy.

Cardoso explained that the move to settle outstanding obligations to airlines, manufacturers, and other sectors has sent strong signals to international investors and business partners that Nigeria is committed to transparency and credibility in its financial system.

He noted that since the clearance of the backlogs, the country has witnessed increased inflows into the FX market, easing pressure on the naira and stabilizing the exchange rate. According to him, this development is part of broader reforms aimed at strengthening the monetary framework, attracting foreign investments, and supporting sustainable economic growth.

The CBN governor reaffirmed the apex bank’s determination to ensure a stable, liquid, and transparent FX market, stressing that the institution will continue to implement policies that build confidence and drive Nigeria’s economic recovery.