CBN pays $2bn in attempt to clear backlog of Forex liabilities

The Central Bank of Nigeria (CBN) says it has paid approximately two billion dollars in its bid to clear the backlog of outstanding foreign exchange liabilities across various sectors.

According to a statement by CBN’s acting director of the corporate communications department, Mrs Hakama Sidi-Ali, in Abuja on Thursday, the benefiting sectors include manufacturing, aviation, and petroleum.

Sidi-Ali said that the apex bank had also cleared up the entire liability of 14 banks and started settlements with foreign airlines, adding that it would continue settlement of the verified fx backlog.

She said that payment of the fx backlog for qualified transactions had commenced, adding that the CBN had commissioned an independent forensic review by a reputable firm.

She, however, said that the forensic review revealed grave infractions, gross abuse, and significant non-compliance with market regulations by some of the stakeholders.

“Appropriate sanctions will be enforced by the CBN in collaboration with relevant regulatory and law enforcement agencies.

”Nevertheless, the CBN will continue to settle the legitimate foreign exchange backlog as it has consistently done in the last three months,” she said.

She emphasised the resolve of the CBN to sanitise the financial services sector and foster trust among all market participants, including internal and external stakeholders in the Nigerian economy.