Nigeria, Jan. 30 -- The verification procedure for the remaining $2.4 billion foreign exchange (FX) backlog is being completed, according to the Central Bank of Nigeria (CBN). Payments for legitimate claims are about to start.

CBN Governor Olayemi Cardoso revealed this in Abuja on Wednesday during the second roundtable for current foreign direct investors and regulators' forum and the introduction of Nigeria's regulatory effect analysis framework.

According to Cardoso, the FX backlog has decreased to $2.2 billion from $7 billion when he took office. In March of last year, he claimed that all legitimate claims had been resolved, except $2.4 billion, which was deemed possibly void following an inquiry.

The CBN started a re-validation pro...