CBN set to prosecute forex defaulters
17th January 2024

The Central Bank of Nigeria has said it is set to prosecute forex defaulters in the country.


The CBN Acting Director of Communication, Mrs. Sidi Ali, disclosed in a statement in Abuja on Wednesday.

Nigeria has nearly $7 billion in forex forwards that have matured which is a major concern for investors, but the CBN promised to pay up to boost confidence in the foreign exchange markets.

Sidi explained that the apex bank commissioned an independent forensic review by a reputable firm to look into the forex exchange issues in the country.

According to her, the review revealed grave infractions, gross abuse, and significant non-compliance with market regulations, and :appropriate sanctions would be enforced in collaboration with relevant agencies”

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

Nigeria’s foreign currency shortages have been worsened by declining oil production, which is the country’s largest export, accounting for more than 90 per cent of dollar inflows.

The statement read, “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.”

Explaining that the bank had commissioned an independent forensic review by a reputable firm, she also disclosed that payment of the forex backlog for qualified transactions had commenced.

She, however, noted that the review revealed grave infractions, gross abuse, and significant non-compliance with market regulations, and appropriate sanctions would be enforced in collaboration with relevant agencies.

Sidi stressed the CBN’s resolve to sanitise the financial services sector and foster trust among all market participants, as well as internal and external stakeholders, in the Nigerian economy.

“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 added.

https://punchng.com/breaking-cbn-set-to-prosecute-forex-defaulters/

“The Bank has also cleared up the entire liability of 14 banks and started settlements with foreign airlines.”

She, however, noted that the review revealed grave infractions, gross abuse, and significant non-compliance with market regulations, and appropriate sanctions would be enforced in collaboration with relevant agencies.

This is not going to be a media trial even though trying them in the court of public opinion is more potent in sociology, the CBN is leaving their fate in the hands of the security agencies and the justice system.

Those who are already indicted but deep down don't have any skeleton in their cupboard defintely have absolutely nothing to fear.
The CBN is doing a fantastic job with clearing of the backlog so it's absolutely necessary to find those who abused or/and have been abusing the forex operations of the 'old' CBN under Mr Emefiele.

May God bless Nigeria for ever! Check my signature for free stuffs!

CBN should act first before telling people.

Prosecute them already. If you want to catch a thief, you won’t first tell the thief that I will catch you.

Act first, then come to tell us we have prosecuted so so and so. That to me is the best approach so the thief/saboteurs won’t run away.

good

Who is owing CBN forex?
From what I know, CBN is the one owing others and even said they cleared 2 out of 7 Billion USD owed in the report. So what is the blatant propaganda from BMC for?

Seems the govt has realized propaganda isn't working for them to cut expense. FreeStuffÑG is no longer in sync with his pay masters.

Set to, will, soon, the words of propaganda we have been hearing since ages. Mtchewww

Nice

Abaya freestuffng propaganda no dey tire you.

Suffer suffer no dey tire ona?

Take this guy seriously at your peril.

Is either this government is confused or there's no competent hands to formulate sound economic policies.

How can a sensible government borrow money and start sharing to different sectors of the economy in order for them to function

Economy is not run like that, there should be a natural inflow of foreign exchange into the country

But on the contrary, there's forex scarcity which has lead to the continual plummeting of the naira against the dollar.

Nigeria over reliance on oil is a causative factor, can't nigeria diversity the economy,the oil money has made nigeria government to be lazy.

Another sponsored post from PaidstuffsNG

Okay we dey watch how una won do am

My concern is the dollar rate and it's affecting our business. Please cbn find a way to make naira trade better against the dollar inflation is too high people can't afford to buy goods anymore

FreeStuffsNG:
“The Bank has also cleared up the entire liability of 14 banks and started settlements with foreign airlines.”

She, however, noted that the review revealed grave infractions, gross abuse, and significant non-compliance with market regulations, and appropriate sanctions would be enforced in collaboration with relevant agencies.

This is not going to be a media trial even though trying them in the court of public opinion is more potent in sociology, the CBN is leaving their fate in the hands of the security agencies and the justice system.

Those who are already indicted but deep down don't have any skeleton in their cupboard defintely have absolutely nothing to fear.
The CBN is doing a fantastic job with clearing of the backlog so it's absolutely necessary to find those who abused or/and have been abusing the forex operations of the 'old' CBN under Mr Emefiele.

May God bless Nigeria for ever! Check my signature for free stuffs!

Oga, you no dey tire with all these propaganda?

"Shall" "Will" "Ready to" "Set to" and so on, that's all the master strategist has to offer Nigerians

They shouldn't announce it to the public rather they should just go on and do their job. unfortunately nothing will be done to defaulters. Nigeria my country

You wan prosecute thief, you first go announce for radio and tv. E go wait for you.

Dis is a bad news to some family that u re praying to be like.

Charity begins at home


https://www.youtube.com/watch?v=sZSImWKxnwk

LegendHero:
CBN should act first before telling people.

Prosecute them already. If you want to catch a thief, you won’t first tell the thief that I will catch you.

Act first, then come to tell us we have prosecuted so so and so. That to me is the best approach so the thief/saboteurs won’t run away.

This new CBN guy...na only mouth him get. No tangible moves...what's the use of these degrees when this people no get street sense to solve issues?

Lamba

They should fix this forex issue so my services will be cheaper

Deep thinker's will know that the white colonisers never left,they just left physically but have continued to strangle their colonies with economic maneuvers,the African continent is the only.one that have refused to leave the IMF and WORLD BANK alone,their consistent borrowing and boot licking to this two organizations have plunged them into the deep pit of poverty,they don't have the brain to know that they are still being colonised by western Europe and America.you make another country currency you world currency and you expect your country or economy to grow shebi,you refused to leave borrowing alone and you expect your country to progress,you align yourselves with the same nations that humiliated and plundered your countries resources and you are expecting to grow shebi,make una nor worry,until we begin to cut ties with those shit nations that have always resented and treated us like trash,we ain't going nowhere.

That's cool

Na una sabi

Why are these dingbats always talking ? And people wonder why no one takes Tinubu seriously?!
Stop with the media propaganda we can all see through it !!!
It was exhausted during Buhari's government.

All people want to see is this is done that is done. It we will , we shall they shall , we will beging or we have created a committee.

Tinubu looks more and more clueless by the day the more the media still tow this path.
Go ahead and persecute them and don't tell us in the media that you are about to do your job!!!!

Parydelegate:
Another sponsored post from PaidstuffsNG

You give this guy too much credit than he deserves. That dude can't even afford two meals a day

RepoMan007:
Who is owing CBN forex?
From what I know, CBN is the one owing others and even said they cleared 2 out of 7 Billion USD owed in the report. So what is the blatant propaganda from BMC for?

Seems the govt has realized propaganda isn't working for them to cut expense. FreeStuffÑG is no longer in sync with his pay masters.

What is the propaganda here?
Did the CBN claimed it is not owing in the report you just read?

You are too old to be commenting just for the sake of it

This can be defined in lay man terms as naira about to shoot up and drop drastically. We will punish those hoarding dollars without understanding the market. Godbless JAGABAN. A president with balls of steel.

Lol.

Meanwhile dollar is set to hit 1400 soon and rushing fast towards 1500.

This govt dey Favour me and my generations wallahi

LegendHero:
CBN should act first before telling people.

Prosecute them already. If you want to catch a thief, you won’t first tell the thief that I will catch you.

Act first, then come to tell us we have prosecuted so so and so. That to me is the best approach so the thief/saboteurs won’t run away.

In this case you can tell the thief bcoz the records cannot be altered.