CBN Uncovers Grave Infractions in Financial Sector, Begins Sanctions
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has commissioned an independent forensic review by a reputable firm, revealing grave infractions, gross abuse, and significant non-compliance with market regulations in the financial services sector.
CBN’s Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, made the disclosure in Abuja on Wednesday.
Mrs. Sidi Ali emphasized the CBN’s determination to sanitize the financial services sector and foster trust among all market participants, as well as internal and external stakeholders in the Nigerian economy.
She highlighted that appropriate sanctions would be enforced in collaboration with relevant agencies to ensure accountability and deter future violations.
In an effort to address outstanding foreign exchange liabilities, the CBN has commenced payments of the forex backlog for qualified transactions. Over the past three months, the bank has settled approximately US$2 billion across various sectors, including manufacturing, aviation, and petroleum.
Furthermore, Sidi Ali said the entire liability of 14 banks has been cleared, and settlements with foreign airlines have also begun.
The CBN’s commitment to resolving the legitimate foreign exchange backlog remains unwavering, according to Mrs. Sidi Ali. She assured the public that the bank will continue its efforts to address this issue promptly and effectively.
