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In a proactive move, the Central Bank of Nigeria (CBN) has disbursed around $2 billion across key sectors, encompassing manufacturing, aviation, and petroleum, as part of a comprehensive strategy to eliminate the backlog of outstanding foreign exchange liabilities. The apex bank has successfully cleared the entire liability of 14 banks and initiated settlements with foreign airlines, marking significant progress in resolving longstanding financial obligations.
CBN’s spokesperson, Hakama Sidi Ali, shared this noteworthy development in Abuja, revealing that the bank commissioned an independent forensic review by a reputable firm to ensure transparency and accountability. While confirming the commencement of payment for qualified forex transactions, Ali highlighted that the review uncovered serious infractions, gross abuse, and notable non-compliance with market regulations. In response, the CBN is poised to enforce appropriate sanctions in collaboration with relevant agencies, emphasizing its commitment to purging the financial services sector of irregularities.
Despite the identified challenges, Ali reiterated the CBN’s determination to cleanse the financial landscape, fostering trust among market participants and stakeholders within and outside the Nigerian economy. The commitment extends to the continued settlement of legitimate foreign exchange backlogs, a consistent effort maintained over the past three months.
In a recent development, the CBN dispersed approximately US $61.64 million to foreign airlines through various banks, underscoring its ongoing commitment to reducing outstanding liabilities in the aviation sector. As the apex bank forges ahead with its financial realignment initiatives, the focus remains on fortifying the economic foundation and instilling confidence in the financial system.
