The Governor of the Central Bank, OLAYEMI CARDOSO has announced that forensic verification to clear all pending foreign exchange backlogs is now completed and payments will commence soon.

Speaking during the launch of the foreign exchange code, CARDOSO lamented how it took the bank over twelve months to clear the $7 billion foreign exchange backlog in 2024.

In March last year, the CBN announced clearance of the backlog, effectively eliminating a legacy burden.

The apex bank boss said the era of multiple exchange rates which accorded privileges to a select few is gone, adding that all deposit money banks that flout the ethics of the foreign exchange code will face sanctions.