The apex bank affirmed its commitment to continuing the settlement of what it described as “the legitimate foreign exchange backlog.”
Just last week, foreign airlines operating in the country issued a strike threat due to unrepatriated funds. This caution follows the Central Bank of Nigeria (CBN) announcement of a $61.64 million payment to foreign airlines through various deposit money banks (DMBs).
In the last three months, the Central Bank of Nigeria (CBN) said it has successfully cleared almost $2 billion in overdue foreign exchange forwards, aiming to resolve the backlog of dollars in Africa’s largest economy.
Finance Minister Wale Edun informed Bloomberg Television earlier on Wednesday that the central bank estimates the current backlog to be around $5 billion.
Despite Nigeria easing its foreign exchange policies last year, Nigeria continues to maintain an official exchange rate and supplies dollars through the central bank at that rate to customers.
The scarcity of dollars in the domestic market has resulted in a backlog of demand from companies seeking to convert naira into the US currency for profit repatriation.
The CBN disclosed that it had engaged a reputable firm for an independent forensic review, which revealed severe infractions, gross abuse, and significant non-compliance with market regulations.
Ali stressed that strict sanctions, in collaboration with relevant agencies, would be imposed on those implicated.
She reiterated the CBN’s dedication to purifying the financial services sector, building trust among market participants, and enhancing confidence among internal and external stakeholders.
She also affirmed the bank’s continued commitment to resolving legitimate foreign exchange backlogs.
