CBN says it has cleared $2bn forex backlog, warns defaulters of sanctions

The Central Bank of Nigeria (CBN) on Wednesday said it has successfully disbursed around $2 billion across key sectors, including manufacturing, aviation, and petroleum, as part of its concerted effort to eliminate the backlog of outstanding foreign exchange liabilities.

Hakama Sidi Ali, CBN’s acting director of corporate communications, revealed in a statement on Wednesday in Abuja that the apex bank has not only settled the entire liability of 14 banks but has also initiated settlements with foreign airlines.

The CBN’s move is aimed at addressing the lingering challenges in the foreign exchange market.

Ali highlighted that an independent forensic review by a reputable firm had been commissioned by the CBN, revealing serious infractions, gross abuse, and significant non-compliance with market regulations.

The spokesperson emphasized that appropriate sanctions would be enforced in collaboration with relevant agencies to rectify these issues.

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While expressing the CBN’s commitment to cleaning up the financial services sector, Ali stressed the importance of fostering trust among market participants and both internal and external stakeholders in the Nigerian economy.

Despite the identified challenges, Ali assured that the CBN would continue settling legitimate foreign exchange backlogs, consistent with its track record over the past three months.

Notably, last week, the CBN announced the disbursement of approximately $61.64 million to foreign airlines through various banks, demonstrating ongoing efforts to decrease remaining liabilities to airlines.

Market observers are keenly watching how the CBN’s measures will impact the overall stability of the foreign exchange market and financial sector in Nigeria.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.