Sunday, July 20, 2025
Home Business CBN TACKLES FX TRANSACTIONS ABUSES IN CLEARING LIABILITIES BACKLOG

CBN TACKLES FX TRANSACTIONS ABUSES IN CLEARING LIABILITIES BACKLOG

The Central Bank of Nigeria (CBN), in its bid to clear the backlog of outstanding foreign exchange liabilities, has paid approximately USD 2.0 billion across various sectors, including manufacturing, aviation, and petroleum.
This is contained in a statement released by the Apex bank and signed by the Acting Director corporate Hakama Sidi Alk communication CBN in Abuja.
 The Bank has also cleared up the entire liability of 14 banks and started settlements with foreign airlines.
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.
While noting 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.
 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.
RELATED ARTICLES

JOB CREATION: SMEDAN CHAMPIONS GROW NIGERIA INITIATIVE.

The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, has commended the “GROW Nigerian” strategy which aims to boost the growth of Micro,...

CBN CLARIFIES NRBVN CHARGES FOR NIGERIANS IN DIASPORA, REAFFIRMS COMMITMENT TO FINANCIAL INCLUSION.

The Central Bank of Nigeria (CBN) has clarified recent speculations regarding charges related to the newly launched Non-Resident Bank Verification Number (NRBVN) platform, affirming...

NO BREACH OF CIVIL SERVICE RULES IN FORTHCOMING NEPC PROMOTION EXAMS – NEPC

  Nigeria Export Promotion Council (NEPC) has refutes the Sahara Reporters report  regarding the forthcoming promotion examinations at the Nigeria Export Promotion Council (NEPC). In the...

Most Popular

TRAGEDY AVERTED AS OGUN GOVERNOR RESCUES TUNISIAN ATHLETES IN CRASH.

  It was a close call for members of the Tunisian delegation attending the ongoing CAA U18 and U20 African Athletics Championship in Abeokuta, as...

NMDPRA, S&P GLOBAL TO HOST INAUGURAL CONFERENCE ON WEST AFRICAN REFINED FUEL MARKET .

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), in partnership with S&P Global Commodity Insights, has announce the inaugural West African Refined Fuel...

KALU URGES NIGERIANS TO DEMAND TRANSPARENCY AS CONSTITUTION REVIEW HITS SOUTHEAST.

  Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, has called on Nigerians to actively engage in the ongoing constitution review process and...

RECOGNITION FOR EXCELLENCE: NCS SPOKESPERSON MAKES 2025 PR POWER LIST.

The Nigeria Customs Service (NCS) has again been spotlighted for excellence in public service and strategic communication. The National Public Relations Officer, Assistant Comptroller...

Recent Comments