CBN Initiates Legal Actions Against Forex Defaulters

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The Central Bank of Nigeria (CBN) has announced its intention to prosecute forex defaulters nationwide following an independent forensic review conducted by a reputable firm to investigate forex exchange issues in the country.

In a statement on Wednesday, Mrs. Sidi Ali, the Acting Director of Communication at CBN, disclosed that the review exposed serious infractions, gross abuse, and significant non-compliance with market regulations. The CBN is now poised to enforce appropriate sanctions in collaboration with relevant agencies.

Ali affirmed that the CBN remains committed to settling legitimate foreign exchange backlogs, as demonstrated over the past three months. She stated, “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 statement further noted clearing the entire liability of 14 banks and initiating settlements with foreign airlines. Despite these efforts, the CBN reiterated its commitment to address legitimate foreign exchange backlogs in the coming months consistently.

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