Home BUSINESS BANKING & FINANCE CBN Vows To Sanitise Financial Services Sector To Foster Trust

CBN Vows To Sanitise Financial Services Sector To Foster Trust

The Central Bank of Nigeria (CBN) has vowed to sanitise the financial service sector with a view to foster trust among all market participants, as well as internal and external stakeholders, in the Nigerian economy.
A statement today, January 17, in Abuja, by the Acting Director in the Corporate Communications Department of the apex bank, Mrs. Hakama Sidi Ali, said that the Bank had commissioned an independent forensic review by a reputable firm.
She complained about grave infractions, gross abuse and significant non-compliance by some players with market regulations.
The spokesperson stressed that appropriate sanctions would be enforced in collaboration with relevant agencies.
Mrs. Sidi Ali said however, that the apex bank will continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months.
She said that the bank has paid approximately USD 2.0 billion across various sectors, including manufacturing, aviation and petroleum, in its bid to clear the backlog of outstanding foreign exchange liabilities.
Mrs. Hakama Sidi Ali said that the bank has also cleared up the entire liability of 14 banks and started settlements with foreign airlines.
She said also that payment of the forex backlog for qualified transactions has commenced.

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