Some businesses within the Organised Private Sector of Nigeria (OPSN) are contemplating legal action against commercial banks for prolonged delays in honoring forex requests.
The OPSN is also calling for a comprehensive audit of the Central Bank of Nigeria’s (CBN) forex backlog payments, challenging the recent assertion by the apex bank that all valid forex backlogs have been cleared.
Despite the stakeholder meeting convened by the Minister of Industry Trade and Investment, involving NACCIMA, MAN, affected banks, and customers, members of the OPSN remain unsatisfied. They argue that the CBN’s process for settling backlogs lacked transparency and full disclosure, prompting considerations for legal recourse.
In separate interviews, OPSN members expressed doubts about the completeness of the CBN’s forex backlog settlement, indicating dissatisfaction with the process.
Source: PUNCH