CBN Pays $2 Billion To Clear FX Backlog

CBN Pays $2 Billion To Clear FX Backlog

The Central Bank of Nigeria (CBN) has disbursed around $2 billion across multiple sectors, such as manufacturing, aviation, and petroleum, to address the backlog of outstanding foreign exchange liabilities.

Additionally, the apex bank stated that it has successfully settled the complete liabilities of 14 banks and initiated settlements with foreign airlines.

In Abuja on Wednesday, the Acting Director of the Corporate Communications Department at the CBN, Hakama Sidi Ali, revealed that the bank had initiated an independent forensic review by a reputable firm.

Sidi Ali also mentioned that the payment process for the forex backlog related to eligible transactions had commenced.

The CBN spokesperson, however, emphasized that the review had uncovered serious infractions, substantial abuse, and notable non-compliance with market regulations. In response, appropriate sanctions would be implemented in cooperation with relevant agencies.

Sidi Ali underscored the CBN’s commitment to cleansing the financial services sector and building trust among market participants, both internal and external stakeholders, in the Nigerian economy.

Despite the challenges, she affirmed that the CBN will persist in addressing the legitimate foreign exchange backlog, a practice it has consistently maintained over the past three months.

Recently, the CBN disclosed the release of around US $61.64 million to foreign airlines through different banks as part of its ongoing efforts to reduce its outstanding liability to the airlines.

The post CBN Pays $2 Billion To Clear FX Backlog appeared first on Naija News.

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