Abuja, Feb. 5, 2022- The Central Bank of Nigeria (CBN) has discovered invalid claims of about $2.4 billion in the foreign exchange market that have been causing anxiety in the market.
Dr Yemi Cardoso, the apex bank governor, said this on Monday during an interview on Arise Television.
He said the invalid claims of about $2.4 billion were discovered by Deloitte, an accounting and management firm, during a special forensic audit of the foreign exchange market.
“We had 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.
Cardoso said he would concentrate efforts on stabilising prices as a way of tackling inflation.
He said he would also improve on the way the Monetary Policy Committee (MPC) was communicating its decisions to the people.
The CBN governor also said there was the need for synergy between the MPC and the fiscal authorities to make impactful economic decisions. (GBN)
