Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, revealed in an exclusive interview that approximately $2.4 billion of the reported $7 billion outstanding foreign exchange liabilities of the federal government are deemed invalid for settlement.
Cardoso clarified that the bank has settled verified FX requests totaling $2.3 billion, and the current total outstanding FX obligations stand at $2.2 billion. He attributed part of the $7 billion outstanding claims to fraudulent activities, citing a forensic audit by Deloitte Management Consultant commissioned by the apex bank.
Cardoso expressed confidence in addressing the outstanding FX liabilities, emphasizing that the CBN would not pay for requests lacking validity. He mentioned that the bank has communicated with authorized dealers to explain identified disparities, noting that many discrepancies have not been satisfactorily disputed.
Regarding the forensic audit, Cardoso highlighted its startling results, revealing issues amounting to $2.4 billion, including invalid import documents, non-existent entities, and discrepancies in beneficiaries and account parties. He explained that loans and advances in the economy, totaling about N40 trillion, with CBN interventions comprising 25%, have led to distortions, including inflation, due to inadequate management.
Cardoso emphasized the CBN’s current focus on its primary mandate to control inflation, stabilize prices, and ensure a stable economic environment, acknowledging a lack of capacity for direct interventions.
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