The Central Bank of Nigeria (CBN) has said that the outstanding foreign exchange (Forex) backlog is US$2.2 billion, adding that this will be cleared soon.
In an Arise TV interview monitored in Lagos, the CBN governor Mr. Yemi Cardoso said US$2. 3 billion has so far been settled out of total verified Forex Forex backlog.
According to Cardoso, there is a huge difference between US$2.2 billion outstanding and US$7billion as claimed in some quarters.
“So I think we are at the end of this, to be honest, I’m pretty sure that we will clear all that very shortly. And, you know, we’ll move to the next line of action, “ he assured.
On interventions, Cardoso acknowledged that they are necessary because they are of immense benefit to the population but the frameworks for these interventions had to be structured in such a way that it reaches the people that needed them.
His words, “I have absolutely no illusions about the fact that interventions are necessary for our economy especially in a time of crisis and to be honest, even in the normal times, you know, because things may not be working in the way you want them to.
“And interventions help to channel resources accordingly, and bring certain sectors of the economy when they are down up to what you expect them to do. So I think one is very clear on that.
“But we do not have the luxury of failed interventions. It must reach out and ensure that everybody gets touched in one form or the other. It’s very, very important.”
He noted that the farmers in various parts of the country, the small or medium scale enterprises in various parts of the country, the extractive industries, entertainment, manufacturers and export sectors are facing challenging circumstances, such that there are times when an intervention is necessary to help them rather than just leave them to their fate.
“But I think that it is important that the framework is there, to ensure that once you do it, it reaches the people it’s meant to reach. There’s no point in voting such a huge amount to an intervention when the farmer is wanting to access it or access it in a way that isn’t sufficient or doesn’t help him to achieve his objectives,” Cardoso stated.
Credit: Nigerian Tribune