Governor Yemi Cardoso of the Central Bank of Nigeria (CBN) has said that thorough audit of the some transactions in the bank has unveiled $2.4bn owed to entities that does not exist causing naira instability.
disclosed on Monday, January 05, 2024 that a $2.4 billion scam involving false foreign exchange claims has been unearthed.
While speaking to on Arise TV, the CBN governor threw light on the discoveries which was shocking.
He said the malfeasance has not only put derioud pressure on the already falling naira but has also had effect on the currency market.
He also said that the fraud was able to be discovered following the engagement of Deloitte, a consulting firm hired by the CBN to audit and investigate the suspicious claims.
Cardoso said that the investigation brought to light $7 billion backlog of yet to be honoured dollar demands from business entities.
This financial “overhang,” as described by Governor Cardoso, poses a significant threat to the stability of the naira against the US dollar.
“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 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,” Cardoso said.
 has said that thorough audit of the some transactions in the bank has unveiled $2.4bn owed to entities that does not exist causing naira instability.){kind=link}