In an interview with Arise Television on Monday, Central Bank of Nigeria (CBN), Governor Yemi Cardoso disclosed that the apex bank has identified $2.4 billion in invalid forex outstanding claims, contributing to pressure on the naira and causing concerns in the currency market.
Cardoso revealed that the findings emerged from an audit conducted by Deloitte, a consultant hired by the CBN, which uncovered several dubious transactions.
The CBN Governor emphasized that the decision to commission Deloitte for the forensic assessment was driven by a need to gain a comprehensive understanding of the situation.
According to Cardoso, the Deloitte assessment revealed that approximately $2.4 billion of the total backlog of $7 billion consisted of fictitious claims. In certain cases, claimants were unable to provide valid import documentation, raising questions about the legitimacy of the outstanding 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 results of the audit were described as startling by Cardoso, who highlighted a range of infractions, including the absence of valid import documents and instances where entities claiming funds did not actually exist.
The revelation comes at a time when the CBN is actively addressing challenges in the foreign exchange market and working towards stabilizing the naira. Further details on the implications and actions to be taken by the CBN are expected to be provided in due course.
