The Central Bank of Nigeria (CBN) says it has paid approximately $2 billion in its bid to cushion the lingering challenges in the foreign exchange market and clear the backlog of outstanding foreign exchange liabilities across various sectors.
According to a statement by CBN’s Acting Director, Corporate Communications Department, Mrs. Hakama Sidi-Ali, in Abuja on Thursday, the key benefiting sectors include manufacturing, aviation, and petroleum.
Sidi-Ali revealed that the bank had also cleared the entire liability of 14 banks and started settlements with foreign airlines, adding that it would continue the settlement of the verified FX backlog.
She said that payment of the FX backlog for qualified transactions had commenced, adding that the CBN had commissioned an independent forensic review by a reputable firm.
The apex bank spokesperson said the forensic review by a credible firm revealed grave infractions, gross abuse, and significant non-compliance with market regulations by some of the stakeholders.
She said: “Appropriate sanctions will be enforced by the CBN in collaboration with relevant regulatory and law enforcement agencies.
“Nevertheless, the CBN will continue to settle the legitimate foreign exchange backlog, as it has consistently done in the last three months.”
She emphasized the resolve of the apex bank to sanitize the financial services sector and foster trust among all market participants, including internal and external stakeholders in the Nigerian economy.
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