Abdulwahab Isa 
…clears $2.0 forex backlog
The Central Bank of Nigeria (CBN) has engaged the services of a reputable firm, whose identity is not disclosed to stem the tide of abuses that engulf foreign exchange transactions.
This was, as the apex bank confirmed on Wednesday the clearance of yet another batch of outstanding forex backlog which it put approximately at $2.0 billion across various sectors, including manufacturing, aviation, and petroleum.
The bank’s Director, corporate communications dept Mrs. Hakama Sidi Ali confirmed the update in a statement.
The Bank, she said also cleared up the entire liability of 14 banks and started settlements with foreign airlines.
Mrs Ali said a review of forex transactions thus far, revealed grave infractions, gross abuse, and significant non-compliance with market regulations, and appropriate sanctions would be enforced in collaboration with relevant agencies.
Accordingly, Ali said resolved to sanitize 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 will continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months.
Two weeks ago, the bank cleared $61.64 million to various banks for onward release to various foreigners to defray a portion of the backlog of forex cleared in the last three months to $2 billion.
In the past three months, the CBN redeemed outstanding forward liabilities amounting to almost $ 2 billion.
