Politics
Central Bank Of Nigeria Settles $2 Billion In Outstanding Forex Debts
Central Bank Of Nigeria Settles $2 Billion In Outstanding Forex Debts....KINDLY READ THE FULL STORY HERE▶
The Central Bank of Nigeria (CBN) has disclosed that it disbursed approximately two billion dollars as part of its efforts to eliminate the backlog of unresolved foreign exchange obligations spanning various industries. In an announcement by Mrs. Hakama Sidi-Ali, the Acting Director of the Corporate Communications Department at the CBN, on Thursday in Abuja, it was revealed that sectors such as manufacturing, aviation, and petroleum have benefited from this initiative……CONTINUE READING
Sidi-Ali further revealed that the apex bank successfully settled the entire liabilities of 14 banks and initiated settlements with foreign airlines. The CBN is committed to the continuous resolution of verified foreign exchange backlogs, with payments for eligible transactions already underway. In an effort to ensure transparency, the CBN commissioned an independent forensic review conducted by a reputable firm.
However, the findings of the forensic review exposed serious violations, widespread abuse, and substantial non-compliance with market regulations by certain stakeholders. The CBN, in collaboration with relevant regulatory and law enforcement agencies, has pledged to implement appropriate sanctions against the offenders.
Despite these challenges, Sidi-Ali affirmed the CBN’s unwavering commitment to addressing legitimate foreign exchange backlogs, a commitment demonstrated consistently over the past three months. She underscored the central bank’s determination to cleanse the financial services sector, instill confidence among all market participants, and build trust with both internal and external stakeholders in the Nigerian economy.
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