CBN Clears FX Liabilities Of 14 Banks, Begins Settlements Of Foreign Airlines

  • Tackles Abuses In Clearing Liabilities Backlog
  • To continue settlement of verified FX backlog

In a bid to clear the backlog of outstanding foreign exchange liabilities, the Central Bank of Nigeria (CBN) on Wednesday said it has so far paid approximately US$2 billion across various sectors, including manufacturing, aviation, and petroleum.

A statement by the CBN Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali,  added that it has also cleared up the entire liability of 14 banks and started settlements with foreign airlines.

She noted that the CBN had commissioned an independent forensic review by a reputable firm, adding that payment of the forex backlog for qualified transactions had commenced.

The review, she continued, revealed grave infractions, gross abuse, and significant non-compliance with market regulations, and appropriate sanctions would be enforced in collaboration with relevant agencies.

Mrs. Sidi Ali 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. Nevertheless, she said the CBN will continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months.