The Central Bank of Nigeria has undertaken a significant move to eliminate outstanding foreign exchange liabilities by disbursing approximately $2 billion across pivotal sectors.
The key sectors include manufacturing, aviation, and petroleum, a statement said Wednesday.
This intervention encompasses the complete clearance of liabilities for 14 banks and the initiation of settlements with foreign airlines.
Hakama Ali, the acting director of the CBN’s Corporate Communications Department, announced this development in Abuja on Wednesday.
The CBN on 8 January said it 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.
On Wednesday , 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.
READ ALSO: CBN appoints new management teams for Keystone, Polaris and Union Banks
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.
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: Call Willie – +2348098788999
