BusinessWe Uncovered $2.4bn Invalid FX Claims – CBN Gov Cardoso

We Uncovered $2.4bn Invalid FX Claims – CBN Gov Cardoso

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February 05, (THEWILL) – The Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, says the apex bank has discovered $2.4 billion invalid forex outstanding claims pressuring the naira and causing anxiety in the currency market.

Cardoso disclosed this in an interview with Arise Television on Monday.

According to him, this was uncovered during an audit by the consultant the CBN hired, which exposed a number of dubious transactions.

The CBN Governor stated that the apex bank commissioned Deloitte to look into the FX allegations to provide a true picture of the situation.

Cardoso said, according to the Deloitte assessment, up to $2.4 billion of the backlog consists of fictitious claims, with claimants in certain cases being unable to provide import documentation.

“We had reasons to believe we needed to take a harder look at these obligations. So, we contracted Deloitte management consultants to do forensics of all these obligations and to actually tell us what was valid and what was not.

“The result that came out of this was startling in a great respect. It was startling. We discovered that of the roughly $7 billion, about $2.4 billion had issues, which we believe had no business being there and the infractions on that ranged from so many things. For example, not having valid import documents and in some cases, entities that do not exist,” he said.

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