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CBN uncovers abuses in $7b FX backlogs, vows sanctions


CBN plans to launch stablecoin February 27The Central Bank of Nigeria  (CBN) revealed yesterday that it discovered “grave infractions” through an independent forensic review, as it tries to clear the multi-billion dollar foreign exchange (FX) backlog.

The apex bank, in a statement issued by the Ag. Director of Corporate Communications, Mrs.Hakama Sidi-Ali,  in Abuja indicated gross abuse in form of piling FX liabilities.

Meanwhile, the apex bank said $2 billion has so far been paid in its effort to clear the backlog.

The discovered infractions notwithstanding, the CBN assured that it would continue to settle FX liabilities that are verified.

The statement read in part, “The Central Bank of Nigeria (CBN), in its bid to clear the backlog of outstanding foreign exchange liabilities, has paid approximately USD 2.0 billion across various sectors, including manufacturing, aviation, and petroleum.

“The Bank has also cleared up the entire liability of 14 banks and started settlements with foreign airlines.

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

“CBN has resolved 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, the CBN will continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months.”

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