CBN uncovers ‘gross abuse’ of forex regulations, to prosecute defaulters

The Central Bank of Nigeria (CBN) has resolved to prosecute forex defaulters in the country.

The apex bank’s Acting Director of Communication, Mrs. Sidi Ali, disclosed in a statement on Wednesday in Abuja.

Sidi said the CBN has engaged an organization to look into issues arising from forex exchange in the country.

She added that the forensic review revealed grave infractions, gross abuse, and significant non-compliance with market regulations.

The spokesperson added that CBN would work with relevant agencies on enforcement of sanctions on those indicted in the exercise.

READ ALSO: Moghalu backs planned relocation of CBN’s departments to Lagos

The statement read: “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.

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

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