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$2.4bn Forex Claims Fraudulent – Cardoso

Olayemi Cardoso, the Governor of the Central Bank of Nigeria, has disclosed that the bank has settled verified forex requests amounting to $2.3 billion.

Speaking in an interview with Arise Television, Cardoso also stated that the current total outstanding FX obligations stand at $2.2 billion.

The CBN boss went on to reveal that a significant portion of the headline $7 billion outstanding FX claims, approximately $2.4 billion, were deemed fraudulent according to the findings of a forensic audit conducted by Deloitte Management Consultant, commissioned by the apex bank.

Expressing confidence in addressing the outstanding FX liabilities promptly, the central bank governor emphasized that the CBN would not entertain payments for FX requests that were not validly constituted. He mentioned that the bank has communicated with authorized dealers to clarify the disparities identified.

Regrettably, Cardoso expressed his dissatisfaction with the responses received regarding the discrepancies, indicating that many have not been satisfactorily disputed.

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