The Central Bank of Nigeria (CBN) is intensifying efforts to address outstanding foreign exchange liabilities, having disbursed approximately USD 2.0 billion across sectors such as manufacturing, aviation, and petroleum. The bank has successfully cleared the liabilities of 14 banks and initiated settlements with foreign airlines.
Mrs. Hakama Sidi Ali, the CBN Acting Director of Corporate Communications, revealed these developments during a press briefing in Abuja on Wednesday, January 17, 2024. She explained that the CBN had engaged a reputable firm for an independent forensic review, which uncovered severe infractions, abuse, and non-compliance with market regulations. Mrs. Sidi Ali affirmed that appropriate sanctions would be enforced in collaboration with relevant agencies.
While underscoring the CBN’s commitment to purging the financial services sector of malpractices, Mrs. Sidi Ali emphasized the importance of building trust among market participants and stakeholders in the Nigerian economy. Despite the identified irregularities, she assured that the CBN remains steadfast in settling legitimate foreign exchange backlogs, as demonstrated over the past three months.
The CBN’s ongoing efforts reflect its dedication to maintaining the integrity of financial transactions and bolstering confidence in Nigeria’s economic landscape.
