Thursday, June 13, 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.
RELATED ARTICLES

LICENSE REVOCATION : CBN COUNTERS CLAIM OF MORE LICENCE REVOCATION.

The Central Bank of Nigeria (CBN) has reassured members of the banking public of the safety of their deposits and the banking system's resilience....

SON HOSTS MEETING WITH OPERATORS OF THE SPECIAL ECONOMIC ZONES. 

The Standards Organization of Nigeria (SON), hosted operators of the Special Economic Zones to discuss grey areas surrounding the implementation of the Special Economic...

NSDC BOSS ASSURES THAT THE ONGOING REFORMS WILL UNLOCK THOUSANDS OF JOBS IN SUGAR INDUSTRY.

The Executive Secretary/CEO of the National Sugar Development Council (NSDC), Kamar Bakrin, has assured that the ongoing reforms by the Council and expansion plans...

Most Popular

NNPC LTD.,GOLAR LNG, SIGNS PDA ON 400-500MMSCF GAS DEAL.

In furtherance of its commitment to monetize Nigeria's vast natural gas resources, the NNPC Limited has executed a Project Development Agreement (PDA) with Golar...

CHIEF OF ARMY STAFF DIRECTS  IMMEDIATE INVESTIGATION OF INCIDENT AT COMMAND SECONDARY SCHOOL IYANA IPAJA.

In response to the recent concerns raised by the Association of Senior Civil Servants of Nigeria (ASCSN) regarding the treatment of civilian workers at...

LICENSE REVOCATION : CBN COUNTERS CLAIM OF MORE LICENCE REVOCATION.

The Central Bank of Nigeria (CBN) has reassured members of the banking public of the safety of their deposits and the banking system's resilience....

SON HOSTS MEETING WITH OPERATORS OF THE SPECIAL ECONOMIC ZONES. 

The Standards Organization of Nigeria (SON), hosted operators of the Special Economic Zones to discuss grey areas surrounding the implementation of the Special Economic...

Recent Comments