$7bn FX: OPS threatens to sue banks over rejected applications

Some businesses under the aegis of the Organised Private Sector of Nigeria are considering taking legal action against some commercial banks for not honouring forex requests which have lingered over an extended period.

The OPSN also called for a comprehensive audit of the Central Bank of Nigeria’s forex backlog payments. This follows a recent claim by the apex bank that all valid forex backlogs have been cleared.

Members of the OPS, while speaking with The PUNCH, insisted that the claim by the apex bank that it had settled all forex backlogs was not entirely true.

Some of the member associations, speaking in separate interviews, faulted the process through which the CBN conducted the settlement of the backlogs. They argued that the process was not transparent, neither was it carried out in the interest of full disclosure.

The threat of litigation comes despite a recent stakeholder meeting comprising NACCIMA, MAN, the affected banks and customers which was convened by the Minister of Industry Trade and Investment at the Bank of Industry in Lagos on March 21, 2024

The CBN, had on Wednesday announced that it has successfully cleared all valid foreign exchange backlogs, effectively eliminating a legacy burden.

The announcement was made by the bank’s Acting Director of Corporate Communications, Mrs Sidi Ali, in a statement made available to journalists on Wednesday.

The CBN followed this month by reporting a significant increase in external reserves, rising by $993m to $34.11bn as of March 7, 2024, the highest level in eight months.

Notably, the CBN recently completed the payment of $1.5bn, resolving obligations to bank customers and thereby clearing the residual balance of the FX backlog.

The statement partly read, “The Central Bank of Nigeria has announced that all valid foreign exchange backlogs have now been settled, fulfilling a key pledge of the CBN Governor, Mr Olayemi Cardoso, to process an inherited backlog of $7bn in claims.

 “Clearance of the foreign exchange transactions backlog is part of the overall strategy detailed in last month’s Monetary Policy Committee meeting to stabilise