Central Bank tackles abuse of FX transactions, settles liabilities backlog

The Central Bank of Nigeria, CBN, in its bid to clear the backlog of outstanding foreign exchange liabilities, has paid approximately $ 2 billion across various sectors, including manufacturing, aviation, and petroleum sectors.

It was noted that the Apex Bank has also cleared up the entire liability of 14 banks and started settlements with foreign airlines.

Disclosing this via its X page on Thursday, 18th of January, 2024, the apex bank revealed that the CBN Acting Director, Corporate Communications Department, Hakama Sidi Ali, revealed this in Abuja on Wednesday, 17th of January, 2024.

She explained that the Bank had commissioned an independent forensic review by a reputable firm adding that payment of the forex 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 further 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. [CONTINUE READING HERE]>>>>