CBN tackles abuse in FX transactions

…to continue settling verified FX backlog

The Central Bank of Nigeria (CBN) says it has commissioned an independent forensic to review and track infractions, abuse, and non-compliance with market regulations, and appropriate sanctions would be enforced in collaboration with relevant agencies.

Also, in a bid to clear the backlog of foreign exchange liabilities, the apex bank has paid approximately $2 billion across various sectors, including manufacturing, aviation, and petroleum.

Hakama Sidi Ali, acting director, corporate communications department, CBN, stated this in Abuja on Wednesday. She disclosed that payment of the forex backlog for qualified transactions had commenced.

According to Ali, the bank has also cleared up the entire liability of 14 banks and started settlements with foreign airlines.

She explained that the bank had commissioned an independent forensic review by a reputable firm, noting that the review revealed grave infractions, gross abuse, and significant non-compliance with market regulations, and appropriate sanctions would be enforced in collaboration with relevant agencies.

“The CBN is committed to sanitising the financial services sector and foster trust among all market participants, as well as internal and external stakeholders, in the Nigerian economy.

“The CBN will continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months,” she said.