CBN Clears USD 2 Billion Forex Backlog, Initiates Forensic Review

CBN Clears USD 2 Billion Forex Backlog, Initiates Forensic Review

The Central Bank of Nigeria (CBN) has successfully disbursed approximately USD 2.0 billion across various sectors, encompassing manufacturing, aviation, and petroleum in a move to address the lingering foreign exchange liabilities.

This strategic intervention aims to alleviate the burden of outstanding obligations and stimulate economic activities in key sectors.

The Acting Director of the CBN’s Corporate Communications Department, Mrs. Hakama Sidi Ali, revealed these developments during a briefing in Abuja on Wednesday, January 17, 2024. Mrs. Sidi Ali emphasized the central bank’s commitment to resolving the forex backlog issue by initiating payments to qualified transactions.

As part of the transparency measures, the CBN commissioned an independent forensic review conducted by a reputable firm. Mrs. Sidi Ali highlighted that the forensic review uncovered severe infractions, gross abuse, and substantial non-compliance with market regulations.

To address these findings, the CBN will collaborate with relevant agencies to enforce appropriate sanctions.

While underscoring the importance of regulatory compliance, Mrs. Sidi Ali reiterated the CBN’s dedication to sanitizing the financial services sector.

The overarching goal is to foster trust among all market participants, internal and external stakeholders, thereby ensuring the stability and integrity of the Nigerian economy.

Despite the enforcement measures, the CBN remains committed to settling legitimate foreign exchange backlogs, maintaining a consistent track record in the last three months.

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