The Central Bank of Nigeria (CBN), on Wednesday, said it has begun tackling abuses in the foreign exchange market.

It did this by commissioning an independent forensic review by a reputable firm.

Spokesperson of the apex bank, Mrs Hakama Sidi Ali, who made the disclosure in a statement, noted that the review revealed grave infractions, gross abuse, and significant non-compliance with market regulations. She assured that appropriate sanctions would be enforced in collaboration with relevant agencies.

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Ali also disclosed that payment of the forex backlog for qualified transactions had commenced, adding that $2 billion had been paid so far in the apex bank’s efforts to clear the backlog of outstanding foreign exchange liabilities. Sectors that benefitted are; manufacturing, aviation, and petroleum. The Bank has also cleared up the entire liability of 14 banks and started settlements with foreign airlines.

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

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