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Central Bank of Nigeria clears $2 billion forex backlog, initiates sector reforms

In a bid to address outstanding foreign exchange liabilities and foster transparency in the financial sector, the Central Bank of Nigeria (CBN) has announced the clearance of approximately $2 billion across various sectors, encompassing manufacturing, aviation, and petroleum.

Also read:CBN must end cash scarcity crisis

The acting director of the corporate communications department at CBN, Mrs Hakama Ali, revealed the development during a press briefing in Abuja on Wednesday. She highlighted that the central bank has successfully settled the entire liability of 14 banks and initiated settlements with foreign airlines.

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Mrs Ali emphasized that the CBN had commissioned an independent forensic review conducted by a reputable firm, which uncovered grave infractions, gross abuse, and significant non-compliance with market regulations. In response to these findings, the apex bank is poised to enforce appropriate sanctions in collaboration with relevant agencies.

The payment of the forex backlog for qualified transactions has commenced, according to Mrs Ali, who reiterated the CBN’s commitment to sanitizing the financial services sector and building trust among all market participants and stakeholders in the Nigerian economy.

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