….Assures On Settlement Of Verified FX Backlog
In furtherance of its sustained efforts to clear the backlog of outstanding foreign exchange liabilities, the Central Bank of Nigeria (CBN), on Wednesday stated that it had paid approximately USD 2.0 billion across various sectors, including manufacturing, aviation, and petroleum.
The apex bank also disclosed that it had also cleared up the entire liability of 14 banks and started settlements with foreign airlines.
The CBN Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, who gave these hints in Abuja, explained that the bank had commissioned an independent forensic review by a reputable firm to ensure that all abuses in the FX transactions backlog were identified and removed from the ongoing settlement process.
Sidi Ali also disclosed that payment of the forex backlog for qualified transactions had commenced.
She, 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.
The apex bank’s spokesperson 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.
This is even as she assured that the apex bank would continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months.
