The Central Bank of Nigeria (CBN) has stated that it has paid approximately $2 billion in Foreign Exchange (FX) backlog across several sectors. This was made known in a statement issued by the CBN Spokesperson, Hakama Sidi Ali, adding that FX defaulters will be prosecuted.
She said, “The Central Bank of Nigeria, in its bid to clear the backlog of outstanding foreign exchange liabilities, has paid approximately $2 billion across various sectors including manufacturing, aviation and petroleum.
“The Central Bank has also cleared up the entire liability of 14 banks and started settlements with foreign airlines.
“Nevertheless, the CBN will continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months.”
According to her, the apex bank hired the services of a reputable firm to conduct an independent forensic review into the FX issues in the country, which revealed, “grave infractions, gross abuse and significant non-compliance with market regulations and appropriate sanctions would be enforced in collaboration with relevant agencies.”
She further stated that the CBN is committed to sanitizing the financial services sector of the country’s economy, in order to foster trust among all market participants.
