CBN Pays $2bn To Clear FX Backlog, To Sanction Defaulters
The Central Bank of Nigeria (CBN) disclosed that it disbursed about $2 billion across multiple sectors, such as manufacturing, aviation, and petroleum, to address outstanding foreign exchange liabilities.
Additionally, the apex bank stated that it resolved the entire liability of 14 banks and initiated settlements with foreign airlines.
CBN spokesperson Hakama Sidi Ali made these revelations in Abuja on Wednesday, noting that the bank had initiated an independent forensic review conducted by a reputable firm.
She also disclosed that payment of the forex backlog for qualified transactions had commenced.
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The CBN spokesperson, 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.
Ali stressed 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.
Nevertheless, she said the CBN would continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months.
Last week, the CBN announced the disbursement of approximately US $61.64 million to foreign airlines through various banks.
Ali said this initiative is part of the CBN’s efforts to decrease its remaining liability to the airlines.
