CBN Gov Cardoso Raises Red Flags Over $2.4 Billion Discrepancies in Forex Obligations


Cardoso CBN

Central Bank of Nigeria (CBN) Governor Yemi Cardoso, in an interview on AriseTV on Monday, revealed startling findings from a forensic audit of foreign exchange obligations, uncovering discrepancies amounting to $2.4 billion. He stated that concerns about these obligations prompted the CBN to hire Deloitte management consultants for a comprehensive investigation.

Governor Cardoso described the results as “startling,” explaining that of the roughly $7 billion in obligations reviewed, $2.4 billion raised serious concerns. The audit reportedly identified various irregularities, including missing import documents, nonexistent entities receiving funds, and discrepancies in requested and allocated amounts. In some cases, individuals received foreign exchange without even requesting it.

Cardoso said, “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.

“There were account parties who had asked for foreign exchange and got more than they asked for. There were some who didn’t even ask for any and got. So there were whole loads of infractions there.”

These findings suggest potential misuse of foreign exchange resources and raise questions about accountability and transparency within the system. Governor Cardoso did not elaborate on the nature of the entities involved or the specific consequences of these discrepancies. However, his remarks highlight the CBN’s commitment to addressing potential irregularities within the foreign exchange market.

It is important to note that this report summarizes Governor Cardoso’s statements and does not represent an exhaustive account of the investigation or its findings. Further information on the specific entities involved, the ongoing course of action, and the CBN’s response to these discrepancies is necessary for a complete understanding of the situation.

This revelation is likely to spark public debate and scrutiny of the CBN’s handling of foreign exchange management. It remains to be seen how the CBN will address the identified discrepancies and what measures will be taken to ensure transparency and accountability within the system.

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