By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has pledged to continue clearing outstanding foreign exchange (FX) liabilities as it has paid up to $2 billion so far to pivotal sectors in the country including manufacturing, aviation, and petroleum.
This was disclosed by Mrs Hakama Ali, the acting director of the CBN’s Corporate Communications Department, in Abuja on Wednesday night, noting that the apex bank undertook the move to eliminate worrying obligations that were pegged at over $10 billion.
This intervention encompasses the complete clearance of liabilities for 14 banks and the initiation of settlements with foreign airlines.
The CBN had on January 8 paid $2 billion to clear a part of its backlog of matured foreign exchange obligations to Deposit Money Banks (DMBs).
The apex bank also disbursed about $61.64 million to the airlines through various banks saying the action underscores its commitment to the resolution of pending obligations while alleviating the current pressure on the country’s foreign exchange and the Naira.
The CBN disclosed that it had engaged a reputable firm for an independent forensic review, which revealed severe infractions, gross abuse, and significant non-compliance with market regulations.
Mrs Ali emphasized that strict sanctions would be imposed in collaboration with relevant agencies against those implicated.
She reaffirmed the CBN’s commitment to cleansing the financial services sector, fostering trust among market participants, and bolstering confidence among internal and external stakeholders.
She also stated that the bank would persist in settling legitimate foreign exchange backlogs.
