CBN Pays $2bn To Clear Forex Backlog, To Prosecute Defaulters

CBN has paid $2bn to clear forex backlog and is set to prosecute defaulters.

Glamtush reports that the Central Bank of Nigeria (CBN) says it paid approximately $2 billion across various sectors, including manufacturing, aviation, and petroleum in its bid to clear the backlog of outstanding foreign exchange liabilities.

This online news platform learnt that the apex bank said it has also cleared up the entire liability of 14 banks and started settlements with foreign airlines.

A CBN spokesperson, Hakama Sidi Ali, disclosed this in Abuja on Wednesday, explaining that the bank had commissioned an independent forensic review by a reputable firm to look into the forex exchange issues in the country.

She also disclosed that payment of the forex backlog for qualified transactions had commenced.

The statement read, “The Central Bank of Nigeria in its bid to clear the backlog of outstanding foreign exchange liabilities, has paid approximately $2 billion across various sectors, including manufacturing, aviation, and petroleum.

“The Bank has also cleared up the entire liability of 14 banks and started settlements with foreign airlines.”

According to her, 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”

Ali stressed the CBN’s resolve to sanitise the financial services sector and foster trust among all market participants, as well as internal and external stakeholders, in the Nigerian economy.

“Nevertheless, the CBN will continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months,” the statement added.

Last week, the CBN announced the disbursement of approximately US $61.64 million to foreign airlines through various banks.