By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AIT LIVEAIT LIVEAIT LIVE
  • Live TV
  • Politics
  • National News
  • Business
  • Sports
  • Tech
  • Entertainment
  • Global
  • Videos
Font ResizerAa
Font ResizerAa
AIT LIVEAIT LIVE
Search AIT
  • Live TV
  • Politics
  • National News
  • Business
  • Sports
  • Tech
  • Entertainment
  • Global
  • Videos
Follow US

CBN pays $2bn To Clear FX Backlog, sanctions await market Defaulters

Last updated: January 18, 2024 4:26 pm
2 years ago FROM AGENCY REPORTS
Share
2 Min Read
CBN
CBN

The Central Bank of Nigeria (CBN) says it paid approximately $2 billion across various sectors, including manufacturing, aviation, and petroleum in its bid to clear the backlog of outstanding foreign exchange liabilities.
The apex bank said it has also cleared up the entire liability of 14 banks and started settlements with foreign airlines.
A CBN spokesperson, Hakama Sidi Ali, disclosed this in Abuja on Wednesday, explaining that the bank had commissioned an independent forensic review by a reputable firm.
She also disclosed that payment of the forex backlog for qualified transactions had commenced.
The CBN spokesperson, 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.
Ali 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.
Nevertheless, she said the CBN would continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months.
Last week, the CBN announced the disbursement of approximately US $61.64 million to foreign airlines through various banks.
Ali said this initiative is part of the CBN’s efforts to decrease its remaining liability to the airlines.

Editor Oloyede Oworu

Share This Article
Facebook Twitter Whatsapp Whatsapp Email Print

RSS APO Group – Africa-Newsroom: latest news releases related to Africa

  • KFC’s secret recipe is out – the one the world really needs October 8, 2025
  • Forum Invest in Senegal 2025 (Fii Senegal 2025): President Bassirou Diomaye Faye calls for investment in a transforming Senegal October 8, 2025
  • Merck Foundation Africa Asia Luminary 2025 to be Co-Chaired by The Gambia First Lady and Merck Foundation Chief Executive Office (CEO) and Inaugurated by the President of The Gambia October 8, 2025
  • African Trade Experts to Meet in Abidjan for Afreximbank’s 25th Trade Finance Seminar (ATFS2025) and Factoring Workshop October 8, 2025
  • Nigeria’s Ministry of Petroleum Resources Named Reformer of the Year at African Energy Week (AEW) 2025 October 8, 2025

Trending

aitlive 9
Breaking: INEC admits glitch in results transmission as Court Reserves Judgement In Atiku’s Petition Against Tinubu, electoral body
2023 Elections Headlines
aitlive 1 19 1
Nigeria Air: MD Confirms Unveiled Aircraft Was Hired Ethiopia Flight
Local
LABOUR PARTY
Breaking: LP And Presidential Candidate, Peter Obi, Get Court Permission To Inspect Forensic Materials
2023 Elections
AIT-IMAGES - US House Republicans
US House Republicans authorize Biden impeachment inquiry
World
PETER OBI
Drama in court as judges order Peter Obi’s legal team to go home
Headlines

Section

  • Headlines
  • Local
  • Business
  • Politics
  • Sports
  • Crime
  • Education
  • Health
  • Entertainment

Programmes

  • Kakaaki
  • Focus Nigeria
  • Democracy Today
  • People Politics and Power
  • News Hour
  • AIT Reports
  • World News
  • Moneyline With Nancy
  • Jigsaw

About Us

  • About AIT
  • Our History
  • Our Awards
  • Our Values
  • Privacy Policy


Follow US
© AIT.LIVE. All Rights Reserved.
Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

THE MOST IMPORTANT NEWS HEADLINE AND EVENT OF THE DAY

Subscribe to our mailing list to receive daily news update direct in your inbox!

Zero spam, Unsubscribe at any time.
Welcome Back!

Sign in to your account

Lost your password?