January 17, (THEWILL) – The Central Bank of Nigeria (CBN) has said that it will collaborate with relevant agencies to impose appropriate sanctions against foreign exchange violations.
This follows a forensic review which uncovered severe infractions, widespread abuse, and substantial non-compliance with market regulations around foreign exchange transactions.
This disclosure was made by Mrs Hakama Sidi-Ali, the Acting Director of the Corporate Communications Department at the CBN, in a statement on Wednesday.
She elaborated that the CBN had commissioned an independent forensic review conducted by a renowned firm, which served as the basis for these crucial decisions.
Mrs Sidi-Ali also stressed the CBN’s resolute determination to cleanse the financial services sector, instil trust among all market participants, and build confidence among both internal and external stakeholders in the Nigerian economy.
According to her, the CBN is committed 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 said the apex bank will continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months.
Mrs Sidi-Ali also said that the CBN has carried out a major financial injection of approximately $2 billion spanning diverse sectors, including manufacturing, aviation, and petroleum.
She highlighted the successful clearance of the entire liability of 14 banks, marking a significant milestone in resolving the forex backlog, and initiated settlements with foreign airlines.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
