CBN Clears Forex Backlog with $2 Billion Disbursement and Forensic Review

The Central Bank of Nigeria (CBN) has taken decisive steps to clear the backlog of outstanding foreign exchange liabilities by disbursing around $2 billion to various sectors, including manufacturing, aviation, and petroleum.

The CBN also announced that it has fully settled the liabilities of 14 banks and initiated payments to foreign airlines. The apex bank has launched an independent forensic review by a reputable firm to ensure compliance with market regulations and transparency in the forex transactions.

Hakama Sidi Ali, the Acting Director of the Corporate Communications Department at the CBN, disclosed these developments in Abuja on Wednesday. She said that the payment process for the forex backlog related to eligible transactions had commenced and that the review had revealed serious infractions, substantial abuse, and notable non-compliance with market regulations. She added that appropriate sanctions would be imposed in collaboration with relevant agencies.

Sidi Ali reiterated the CBN’s commitment to cleansing the financial services sector and building trust among market participants, both internal and external stakeholders, in the Nigerian economy. She assured that the CBN will continue to address the legitimate foreign exchange backlog, a practice it has consistently maintained over the past three months.

As part of its efforts to reduce its outstanding liability to the airlines, the CBN recently released around US $61.64 million to foreign airlines through different banks.