The Central Bank of Nigeria (CBN) has revealed that it has paid around $2 billion to different sectors, such as manufacturing, aviation, and petroleum, in order to clear the backlog of outstanding foreign exchange liabilities.
Additionally, the CBN has successfully resolved the liabilities of 14 banks and has initiated settlements with foreign airlines. A spokesperson for the CBN, Hakama Sidi Ali, stated that an independent forensic review was conducted by a reputable firm, which uncovered serious violations, abuse, and non-compliance with market regulations.
As a result, appropriate sanctions will be imposed in collaboration with relevant agencies.
Ali emphasized the CBN’s commitment to cleansing the financial services sector and building trust among all market participants, both internal and external, in the Nigerian economy. Despite this, the CBN will continue to address legitimate foreign exchange backlogs, as it has consistently done over the past three months.
In recent news, the CBN disbursed approximately $61.64 million to foreign airlines through various banks as part of its ongoing efforts to reduce its remaining liability to these airlines.
