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The Central Bank of Nigeria (CBN) has paid two billion United States dollar across various sectors, including manufacturing, aviation, and petroleum as part of effort to clear the backlog of outstanding foreign exchange liabilities.
This was disclosed in a statement by CBN’s Acting Director, Corporate Communications Department, Hakima Sidi-Ali in Abuja on Thursday.
She 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 verified fx backlog.
Speaking further, Ali said that 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.
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”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 clean up the financial services sector and foster trust among all market participants, including internal and external stakeholders in the Nigerian economy.
