WorldStage Newsonline– The Central Bank of Nigeria (CBN) has said that an independent forensic review of backlog of outstanding foreign exchange liabilities by a reputable firm which it commissioned had revealed grave infractions, gross abuse, and significant non-compliance with market regulations.
In spite of this it said it had paid approximately USD 2.0 billion to clear off backlog of outstanding foreign exchange liabilities, across various sectors, including manufacturing, aviation, and petroleum.
The CBN Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali disclosed that the bank had also cleared up the entire liability of 14 banks and started settlements with foreign airlines.
She also disclosed that payment of the forex backlog for qualified transactions had commenced.
On the grave infractions, she said appropriate sanctions would be enforced in collaboration with relevant agencies.
Mrs. 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.
