CBN set to prosecute FOREX defaulters

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…to continue settlement of verified FX backlog

The Central Bank of Nigeria, CBN, is set to prosecute forex defaulters in the country.

A statement by the CBN Acting Director of Communications, Mrs. Hakama Sidi Ali, disclosed in Abuja on Wednesday.

Sidi explained that the apex bank commissioned an independent forensic review by a reputable firm to look into the forex exchange issues in the country.

She said the review revealed grave infractions, gross abuse, and significant non-compliance with market regulations, and appropriate sanctions would be enforced in collaboration with relevant agencies”

According to her, the CBN will continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months.

“The Central Bank of Nigeria in its bid to clear the backlog of outstanding foreign exchange liabilities, has paid approximately $2 billion across various sectors, including manufacturing, aviation, and petroleum.

“The Bank has also cleared up the entire liability of 14 banks and started settlements with foreign airlines,” she said.

The acting director of communications also said the apex bank has commissioned an independent forensic review by a reputable firm, she also disclosed that payment of the forex backlog for qualified transactions had commenced.

She, however, noted that the review revealed grave infractions, gross abuse, and significant non-compliance with market regulations, and appropriate sanctions would be enforced in collaboration with relevant agencies.

Sidi stressed the CBN’s resolve to sanitise the financial services sector and foster trust among all market participants, as well as internal and external stakeholders, in the Nigerian economy.

She added that, “Nevertheless, the CBN will continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months.”