*On FX Backlogs*


- We met $7 Billion in unpaid obligations

- We had reason to believe we needed to take a harder look at those obligations. 

- Deloitte was contracted to do a forensic audit of what is valid or not. The results were startling

-- $2.4 Billion had issues

-- Not having valid import documents

-- Entities did not exist got allocations 

-- Entities who asked for FX got more than they asked.

-- Entities that did not ask got allocations

- We wrote to the authorized dealer to explain. Sadly much has not been disputed.

- $2.3 Billion of the validly executed ones including Airlines have been cleared.

- What remains is $2.2 billion. We are confident we will address those. We have come to the end of the road.

- The Naira remains undervalued 

- The Naira will stabilise.


*On FX Liquidity*


- CBN does not produce FX, it rather relies on what comes in.

- You need a mix of FX sources to have adequate liquidity. FPI is one of them.

- A lot of FPIs are very interested in coming back to the Nigerian Market.

- They (FPIs) have taken a methodological interest in the direction the country is going.

- Recent move to have NNPC and other MDA to move their funding into the CBN is very positive and a confidence booster. Those outsiders see it as a giant step forward.

- The time for panic and cynicism is not now. We are in a time where the right decisions are being taken.

- Even the rating agencies are reacting positively to what is happening.


*On Interventions*


- I have no illusions that interventions are necessary in our country. They help to channel resources to people however small.

- However, it is important to ensure that the framework is there to ensure it gets to those who really need it.

- The CBN will focus on it's core strength.

- We will be working closely with those whose core strength is in the intervention space. 

- We cannot think and implement at the same time.

- We do not have the luxury of failed interventions. 


*On the MPC*


- I was concerned that the transition was questionable. We took our time to ensure as much as possible that the MPC is impactful and complements the fiscal side. 

- It signals we are moving the MPC in the right direction.

- The new CBN is fully focused on Stabilization of prices and lowering inflation.

- The MPC will reflect the new direction of the CBN focus and core mandate. 


Courtesy: 

Yinka Chukwuemeka Ogunnubi