The Central Bank of Nigeria (CBN), yesterday said it found grave infractions, gross abuse and significant non-compliance with market regulations by operators in the foreign exchange segment. The revelation followed a forensic review conducted by a reputable independent firm which was commissioned by the apex bank. The central bank said it would mete out appropriate sanctions against the violators in collaboration with relevant agencies. CBN acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, which disclosed this in a statement, did not reveal the infractions nor the institutions or personalities involved. In addition, the statement also did not reveal the identity of the “reputable independent firm” which was engaged by the by the CBN to carry out the task. The CBN, however, said it would continue to settle all legitimate foreign exchange backlogs going forward. The bank maintained that it has paid about $2 billion across various sectors, including manufacturing, aviation, and petroleum, in a determined resolve to clear the outstanding foreign exchange liabilities. The central bank emphasised that it has consistently defrayed legitimate FX backlogs in the last three months, noting that it has cleared the entire liability of 14 banks.

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