About $2.4 Billion Forex Fraudulent Claim Pressuring Naira – CBN Governor, Cardoso

The Central Bank of Nigeria (CBN) has revealed that it uncovered invalid foreign overdue claims amounting to $2.4 billion, which had long pressured the naira and caused concerns in the currency market.

VerseNews reports that the apex bank governor, Yemi Cardoso in an interview with Arise revealed that the discovery was made after an audit by a consultant engaged by the central bank exposed several questionable deals.

The audit revealed a $7 billion backlog of unmet dollar demand from investors and currency users over seven years.

The CBN hired Deloitte to investigate these forex claims, and the report found that $2.4 billion of the backlog comprised false claims, with some claimants unable to provide import documents.

Cardoso said about $2.4 billion out of the speculated $7 billion outstanding foreign exchange are fraudulent and has no business being on the list.

He noted that the CBN has settled all verified FX requests of $2.3 billion, and the outstanding FX obligations stood at $2.2B, assuring that it will be paid shortly.

For the $2.4b that magically found it’s way to the list, Cardoso said he has written to the claimers to convince the bank beyond all reasonable doubt why they should be paid, that the claimers are busy running up and down.