To clear the backlog of outstanding foreign exchange liabilities, the Central Bank of Nigeria (CBN) says it has paid approximately $2billion across various sectors of the economy.
The FX liabilities were in manufacturing, aviation, and Petroleum sectors of the economy.
Also, the Bank said it has already cleared up the entire liability of 14 banks and started settlements with foreign airlines.
The CBN Acting Director, Corporate Communications Department, Hakama Sidi Ali, explained on Wednesday that the apex Bank had commissioned an independent forensic review by a reputable firm.
Ali disclosed that payment of the backlog of foreign exchange for qualified transactions had commenced.
She, however, noted that the review revealed grave infractions, gross abuse, and significant non-compliance with market regulations, warning that appropriate sanctions would be enforced in collaboration with relevant agencies against perpetrators.
The CBN spokesperson stressed the Bank’s resolve to sanitize the financial services sector and foster trust among all market participants, as well as internal and external stakeholders, in the Nigerian economy.
However, she said the CBN would continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months.
