By Stanley Onyeka
The Central Bank of Nigeria (CBN), said it has paid approximately $2billion across various sectors, including manufacturing, aviation, and petroleum, to clear the backlog of outstanding foreign exchange (FX) liabilities.
The Bank also said it cleared the entire liability of 14 banks and started settlements with foreign airlines.
The CBN Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, who disclosed this in a statement on Wednesday, explained that the Bank has commissioned an independent forensic review by a reputable firm.
She added that payment of the FX backlog for qualified transactions had commenced.
She, however, noted that the review revealed grave infractions, gross abuse, and significant non-compliance with market regulations, and appropriate sanctions would be enforced in collaboration with relevant agencies.
Mrs. Sidi Ali stressed the CBN’s resolve to sanitize the financial services sector and foster trust among all market participants, as well as internal and external stakeholders, in the Nigerian economy.
Nevertheless, she said the CBN will continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months.
The review revealed grave infractions, gross abuse, and significant non-compliance with market regulations, and appropriate sanctions would be enforced in collaboration with relevant agencies.
