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By Our Reporter
The Central Bank of Nigeria (CBN) is set move against those who abuse and refused to comply with the forex market regulations.
Similarly, it has also confirmed paying approximately USD 2.0 billion as part of outstanding forex commitments across various sectors, including manufacturing, aviation, and petroleum.
Declaring its resolve to make things right in the forex market, CBN said in a statement issued on Wednesday night that in collaboration with relevant agencies, appropriate sanctions would be enforced and applied on those found culpable in the abuses.
The statement signed by its Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, explained that the decisions are based on the report of an independent forensic review by a reputable firm commissioned by the CBN to appraise the forex exchange issues in the country.
This is as the apex Bank further confirmed clearing up the entire liability of 14 banks while also commencing settlements with foreign airlines.
With assurance of continuous settlement of the legitimate foreign exchange backlog that has been done consistently in the last three months, the apex Bank stressed its “resolve to sanitize the financial services sector and foster trust among all market participants, as well as internal and external stakeholders, in the Nigerian economy.”
