The Central Bank of Nigeria (CBN) has cleared more than $7 billion in verified foreign exchange backlogs within two years, Governor Olayemi Cardoso said on Friday. Cardoso disclosed the figure during an interactive session with the public at the CBN Fair in Calabar, an outreach programme designed to enlighten Nigerians on the bank’s services and promote financial inclusion.
Speaking through the bank’s Assistant Director of Public Communications, Uche Tobias, Cardoso said his administration has implemented major reforms to strengthen the financial system, including the unification of exchange rates to reduce volatility in the foreign exchange market. He added that the bank has embarked on a recapitalisation exercise to enhance the resilience and global competitiveness of Nigerian banks and to prepare them to support a $1 trillion economy.
The CBN governor also highlighted the growing importance of alternative payment systems, announcing the introduction of a non-resident Bank Verification Number (BVN) scheme to connect Nigerians in the diaspora with local banking services. According to Cardoso, increased use of alternative payment channels has helped lower inflationary pressures and stabilise the forex market.
Cardoso reiterated the bank’s commitment to fostering productivity, deepening financial inclusion and maintaining monetary and price stability. He said these measures are part of a broader strategy to modernise payment systems and make financial services more accessible to all Nigerians.
The CBN Fair, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” aims to deepen public understanding of modern payment systems and the apex bank’s reform initiatives. The 2025 edition of the fair was tailored to build trust, promote transparency and enhance financial literacy among Nigerians, organisers said.
Jibunoh Nwanneamaka, the CBN’s Branch Controller in Cross River State, was represented at the event by the bank’s Head of Research, Jude Nwafor, who emphasised the outreach’s role in improving public engagement and awareness of the central bank’s policies.
