CBN vows to prosecute forex defaulters, settles $2bn liabilities

The Central Bank of Nigeria (CBN) has vowed to enforce appropriate sanctions on forex defaulters.

The apex bank declared that it is collaborating with relevant agencies to sanitise the financial sector and deal with infractions in the process of clearing foreign exchange liabilities.

The CBN in a statement issued on Wednesday, January 17, 2024 by its Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, disclosed that the apex bank had commissioned an independent forensic review by a reputable firm.

Ali noted 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.

CBN pays foreign airlines $61.64m FX backlog

She stressed the CBN’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.

She also disclosed that payment of the forex backlog for qualified transactions had commenced.

Meanwhile, the CBN has so far cleared backlog of outstanding foreign exchange liabilities of about $2 billion across various sectors, including manufacturing, aviation, and petroleum.

Mrs. Ali said the bank has also cleared up the entire liability of 14 banks and started settlements with foreign airlines.

The apex bank assured that it will continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months.

The Star