The Central Bank of Nigeria (CBN), has paid approximately USD 2.0 billion across various sectors, including manufacturing, aviation, and petroleum in its bid to clear the backlog of outstanding foreign exchange liabilities.
A statement from the Bank also disclosed it has cleared up the entire liability of 14 banks and started settlements with foreign airlines.
CBN’s Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, explained that the Bank had commissioned an independent forensic review by a reputable firm and has commenced payment of the forex backlog for qualified transactions.
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.
Good production costs money and you can support what we do. Please find our details below👇🏾👇🏾👇🏾 Account name: MARKET ONLINE MEDIA Bank: UBA Acc No: 1026401930.
