The Central Bank of Nigeria (CBN) has successfully disbursed approximately $2 billion across various sectors, such as manufacturing, aviation, and petroleum, in a strategic move to eliminate the backlog of outstanding foreign exchange liabilities.
According to Mrs. Hakama Ali, the Acting Director of the CBN’s Corporate Communications Department, the central bank has not only settled the entire liability of 14 banks but has also initiated constructive settlements with foreign airlines to further streamline forex operations.
The CBN’s commitment to transparency and accountability was underscored as Mrs. Ali revealed that an independent forensic review had been commissioned. This comprehensive examination uncovered infractions and instances of non-compliance, paving the way for the imposition of appropriate sanctions in collaboration with relevant regulatory agencies.
Highlighting the gravity of the CBN’s commitment to ensuring a robust financial services sector, Mrs. Ali emphasized that the forthcoming sanctions would serve as a deterrent against future violations. The collaboration with regulatory bodies underscores the central bank’s determination to maintain the integrity of the financial system.
