The Central Bank of Nigeria (CBN) says it has cleared up the entire liability of 14 banks and started settlements with foreign airlines.
The CBN said it had paid approximately $2 billion across various sectors, including manufacturing, aviation, and petroleum in its bid to clear the backlog of outstanding foreign exchange liabilities.
A CBN spokesperson, Hakama Sidi Ali, disclosed this in Abuja on Wednesday.
According to her, the bank had commissioned an independent forensic review by a reputable firm.
She also disclosed that payment of the forex backlog for qualified transactions had commenced.
Ali said the review revealed grave infractions, gross abuse, and significant non-compliance with market regulations, and that appropriate sanctions would be enforced in collaboration with relevant agencies.
The spokesperson reiterated the CBN’s resolve to sanitise the financial services sector and foster trust among all market participants, as well as internal and external stakeholders in the Nigerian economy.
Nevertheless, she said the CBN would continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months.
Last week, the CBN said it disbursed about US $61.64 million to foreign airlines.