Home Business CBN Clears liabilities of 14 banks, Disburses $2bn

CBN Clears liabilities of 14 banks, Disburses $2bn

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The Central Bank of Nigeria (CBN) says it 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.

The Acting Director, Corporate Communications Mrs. Hakama Sidi Ali, revealed this in a statement, emphasising the central bank’s commitment to resolving the forex backlog issue by initiating payments to qualified transactions.

According to Sidi Ali, the he CBN also commissioned an independent forensic review conducted by a reputable firm, while noting that the forensic review uncovered severe infractions, gross abuse, and substantial non-compliance with market regulations.

To this end, she said the CBN will collaborate with relevant agencies to enforce appropriate sanctions.

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

This she said will foster trust among all market participants, internal and external stakeholders, thereby ensuring the stability and integrity of the Nigerian economy.

The Apex bank further reiterated its commitment to settle legitimate foreign exchange backlogs, maintaining a consistent track record in the last three months.

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