The Central Bank of Nigeria, in its bid to clear the backlog of outstanding foreign exchange liabilities, has paid approximately $2.0 billion across various sectors, including manufacturing, aviation, and petroleum.
CBN has also cleared up the entire liability of 14 banks and started settlements with foreign airlines.
This is contained in a press release signed in Abuja, on Wednesday by the apex’s Bank Acting Director, Corporate Communications Department, Hakama Sidi Ali.
Sidi Ali explained that the Bank had commissioned an independent forensic review by a reputable firm, affirming that the payment of the forex backlog for qualified transactions had commenced.
Still, she revealed that the review revealed grave infractions, gross abuse, and significant non-compliance with market regulations, threatening that appropriate sanctions would be enforced in collaboration with relevant agencies.
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Sidi Ali also stressed that the CBN’s resolve to sanitise the financial services sector and foster trust among all market participants, as well as internal and external stakeholders, in the Nigerian economy.
The CBN Spokesperson assured that the Bank would continue to settle the legitimate foreign exchange backlog, as it has consistently been doing in the last three months.
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