The Central Bank of Nigeria has announced plans to prosecute FX defaulters in the country.
Mrs. Sidi Ali, the CBN Acting Director of Communication, revealed this in a statement issued in Abuja on Wednesday.
Nigeria has roughly $7 billion in matured currency forwards, which is a huge source of anxiety for investors, but the CBN has vowed to pay up to restore trust in the foreign exchange markets.
Sidi added that the central bank has commissioned an independent forensic examination by a renowned firm to investigate the country’s foreign exchange concerns.
According to her, the assessment uncovered major transgressions, blatant misuse, and considerable noncompliance with market laws, and that appropriate consequences will be imposed in coordination with competent agencies.
She also stated that the CBN will continue to clear the genuine foreign exchange backlog, as it has for the past three months.
Nigeria’s foreign currency difficulties have been exacerbated by diminishing oil output, the country’s major export and responsible for more than 90% of dollar inflows.
The statement reads:
“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.”
cc: Punch Ng
