CBN FX Code, F.G./Lagos Agreement On Green Line Project

Central Bank Governor Olayemi Cardoso announced the completion of forensic verification to address outstanding foreign exchange backlogs, with payments starting soon.
He expressed concern over the year-long delay in resolving a $7 billion backlog in 2024 and stated that the era of multiple exchange rates favouring a select few has ended.
Cardoso warned that banks violating the new foreign exchange code will face penalties and criticized past financing methods that led to high inflation and currency devaluation.
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