JUST IN: CBN Unearths $2.4 Billion False Forex Claims, Exerting Pressure on Naira – Yemi Cardoso Reveals

Central Bank of Nigeria (CBN) Governor Yemi Cardoso disclosed that the CBN has uncovered deceptive foreign overdue claims amounting to $2.4 billion. This discovery, made after a thorough audit conducted by Deloitte, has long been a burden on the naira and has sent ripples through the currency market.

The audited accounts of the CBN, concealed from the public for seven years, were unveiled last year, exposing a $7 billion backlog of unmet dollar demand from investors and currency users. This backlog has created market instability, potentially keeping the naira under constant pressure and leading to a continuous depreciation against the dollar.

Cardoso, in an interview with local TV channel Arise, revealed that Deloitte’s investigation identified $2.4 billion in false claims within the backlog. Claimants were unable to produce import documents in some instances, raising serious concerns about the validity of these financial obligations.

“We had reasons to believe we needed to take a harder look at these obligations. So we contracted Deloitte management consultants to do a forensics of all these obligations and to actually tell us what was valid and what was not,” explained Cardoso. “The result that came out of this was startling. We discovered that of the roughly $7 billion, about $2.4 billion had issues, which we believe had no business being there.”

The infractions ranged from the absence of valid import documents to instances where entities claiming the funds did not even exist. This revelation signifies a significant step in unraveling the complexities surrounding the forex claims and aims to restore transparency within the financial system.

More to follow……