The Central Bank of Nigeria (CBN) has paid Two Billion United States dollar across various sectors, including manufacturing, aviation, and petroleum as part of effort to clear the backlog of outstanding foreign exchange liabilities.
According to a statement by the Acting Director, Corporate Communications Department of CBN, Mrs. Hakama Sidi Ali and made available to Channel Network Afrique, CNA in Abuja, the apex bank also said it has cleared up the entire liability of 14 banks as well as commenced settlements with foreign airlines.
Explaining that the Bank had commissioned an independent forensic review by a reputable firm, the CBN spokesperson said payment of the forex backlog for qualified transactions is ongoing.
The Apex bank’s image maker assured that the bank would continue to settle legitimate foreign exchange backlog as it has consistently been doing in the last three months.
She, however, noted that the review revealed grave infractions, gross abuse and significant non-compliance with market regulations.
Mrs. Sidi Ali said appropriate sanctions would be enforced in collaboration with relevant agencies.
She emphasised the CBN’s resolve to sanitize the financial services sector by fostering trust among all market participants, as well as internal and external stakeholders, in the Nigerian economy.
