The Central Bank of Nigeria (CBN) has undertaken decisive measures to tackle abuses in foreign exchange (FX) transactions, aiming to eliminate outstanding liabilities. As part of this initiative, the CBN has successfully disbursed approximately USD 2.0 billion across various sectors, including manufacturing, aviation, and petroleum.
The Acting Director of the CBN’s Corporate Communications Department, Mrs. Hakama Sidi Ali, provided insights into these developments during a press conference held in Abuja on Wednesday, January 17, 2024. Mrs. Sidi Ali highlighted the Bank’s commitment to resolving the lingering FX liabilities and disclosed that payments have been made to clear the entire liability of 14 banks. The CBN has also initiated settlements with foreign airlines as part of its broader strategy.
In an effort to ensure transparency and integrity in the process, Mrs. Sidi Ali announced that the CBN had commissioned an independent forensic review conducted by a reputable firm. The review has unveiled severe infractions, instances of gross abuse, and significant non-compliance with market regulations. As a response, the CBN plans to enforce appropriate sanctions in collaboration with relevant regulatory agencies.
Mrs. Sidi Ali emphasized the CBN’s determination to sanitize the financial services sector and cultivate trust among market participants, both internal and external stakeholders in the Nigerian economy. Despite the challenges uncovered during the forensic review, she assured that the CBN remains steadfast in its commitment to settling legitimate foreign exchange backlogs, as exemplified by consistent efforts over the past three months.
The Central Bank of Nigeria’s proactive approach underscores its dedication to maintaining financial stability, regulatory compliance, and fostering a trustworthy environment within the nation’s economic landscape.
