When I checked backup & restore options in my settings it shows "No Backup account is currently storing data" , but I'm currently signed in to my Google account. Why it is disabled?
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The backup transport is the part of the system that takes backed-up data from the phone and sends it to some provider's backup storage. This is a manufacturer- and carrier- replaceable component, to allow (for example) Samsung to make their phones backup to Samsung storage with a Samsung account, instead of backing up to Google, while remaining compatible with apps that use the Android backup system.
Possibly the Cyanogenmod ROM you've installed simply doesn't have a backup transport.
Just want to add some more details.
I am using Galaxy Nexus with CM11 Snapshot M4 (latest available) and still have this issue. This issue was present from the first CM11 build which I have installed in this device.
Out of curiosity I have checked couple of Nexus devices and this is what I could find.
In accordance with Dan's answer above, Since the backup transport is a manufacturer/carrier customizable component, in CyanogenMod it may be a reason. In CM, at the time of device setup, it asks for an optional CyanogenMod account (which I didn't create) and they may be using this CM account for app data backup (not sure, yet to verify this).