CBN moves to prosecute forex defaulters

The Central Bank of Nigeria (CBN) says it is set to prosecute forex defaulters across the country.

This comes after the apex bank had commissioned an independent forensic review by a reputable firm to look into the forex exchange issues in the country.

In a statement on Wednesday, CBN Acting Director of Communication, Mrs. Sidi Ali, said the review revealed grave infractions, gross abuse, and significant non-compliance with market regulations.

According to her, appropriate sanctions would be enforced in collaboration with relevant agencies.

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She said the CBN would continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months.

“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.

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