The Central Bank of Nigeria (CBN) recently disclosed that 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.
The apex bank said it has also cleared up the entire liability of 14 banks and started settlements with foreign airlines.
According to the spokesperson of CBN, Hakama Sidi Ali, the apex bank had commissioned an independent forensic review by a reputable firm.
Hakama Sidi Ali 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.
Payment of the forex backlog for qualified transactions had commenced.
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.
She said CBN would continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months.
Last week, the CBN announced the disbursement of approximately US $61.64 million to foreign airlines through various banks. Ali said this initiative is part of the CBN’s efforts to decrease its remaining liability to the airlines.