CBN Governor Unveils Forensic Analysis Results, Exposes Discrepancies in Nigeria’s FX Backlog

$2.4 Billion Discrepancy Revealed as Deloitte Management Consultant Conducts Forensic Analysis

In a recent revelation, Central Bank of Nigeria (CBN) Governor Yemi Cardoso provided insights into the complexities of Nigeria’s foreign exchange (FX) backlog. Cardoso disclosed that the CBN enlisted Deloitte Management Consultant to conduct a forensic analysis of the outstanding obligations, aiming to distinguish valid transactions from questionable ones.

The investigation, involving approximately $7 billion, uncovered alarming discrepancies of around $2.4 billion. Cardoso detailed various infractions, including the absence of valid import documents, the existence of non-existent entities, and instances where beneficiaries received more FX than requested. He emphasized the CBN’s commitment to settling only valid transactions.

Out of the total $7 billion, the CBN has already settled $2.3 billion for validly constituted requests, spanning various sectors such as airlines and entities across the economy. The remaining $2.2 billion is earmarked for resolution in the near future, according to Cardoso.

Addressing the issue of invalid transactions, Cardoso stated that authorized dealers were notified to clarify discrepancies. However, many concerns have not been adequately disputed to the satisfaction of the CBN.

Cardoso reassured the public of the bank’s dedication to promptly resolving outstanding liabilities, expressing confidence in concluding this phase shortly. He highlighted the imminent transition from clearing the backlog to initiating the next course of action, signaling an optimistic outlook for Nigeria’s FX challenges. The disclosure provides transparency into the investigation’s findings, offering a roadmap for addressing discrepancies in the country’s foreign exchange operations.

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