The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has said that Deloitte’s assessment has shown that $2.4 billion of the federal government’s purported $7 billion in outstanding foreign exchange liabilities was fraudulent, invalid.
Cardoso disclosed this during an interview with the Arise Television on Monday.
He further revealed that the bank has paid about $2.3 billion for confirmed foreign exchange requests.
According to the CBN boss, there are currently $2.2 billion in outstanding foreign exchange liabilities.
Using the results of a forensic investigation conducted by Deloitte Management Consultant on the apex bank’s behalf, Cardoso insisted that a portion of the $7billion in outstanding FX claims were fake.
Concerning the outstanding FX liabilities, the CBN Governor expressed confidence that they will be resolved soon.
Cardoso also gave Nigerians the reassurance that the CBN would not reimburse them for foreign exchange requests that were not legitimately made.
He added that the bank has written to authorized dealers to clarify the discrepancies that had been uncovered.
Cardoso said, “And sadly, quite frankly, I think much of those have not been disputed to our satisfaction.
“The result that came out of this was startling in a great respect; it was quite startling. We discovered that of the roughly $7billion, about $2.4billion had issues, which we believed had no business being there – and the infractions from that range from so many things.
“For example, not having valid import documents and in some cases, even entities that did not exist and in some cases, beneficiaries and account parties that asked for FX and got more than they asked for.
“And those who didn’t even ask for any and got. So, there was a whole load of infractions there, which I said amounted to about $2.4 billion out of the $7 billion headline figure,” he added.
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