Friday, February 23, 2024
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.
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