The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, unveiled startling findings as an audit revealed $2.4 billion in invalid foreign exchange claims within the $7 billion backlog.
In an exclusive interview with Arise News Channel on Monday, Cardoso affirmed the CBN’s commitment to addressing the issue.
According to Cardoso, Deloitte conducted the audit on the FX backlog claims, exposing $2.4 billion with significant discrepancies.
He emphasized the apex bank’s decision to only honor valid transactions, amounting to $4.6 billion.
To date, $2.3 billion of these valid claims have been settled, with the remaining balance to be disbursed soon.
Cardoso pointed out that some of the untenable claims originated from entities that did not qualify, including non-existent entities attempting to exploit the system.
He emphasized that the CBN would not entertain such invalid claims due to numerous infractions.
The governor reiterated the ongoing efforts to clear the remaining $2.2 billion in valid claims, assuring that the resolution was imminent.
Once achieved, the CBN aims to shift focus to other critical matters.
Cardoso acknowledged the undervaluation of the Naira, attributing it to the speculative nature of the FX market.
However, he expressed confidence in resolving this issue in due course.
The CBN chief highlighted strategic measures, including incorporating informal players into the official market to enhance liquidity.
He cited recent initiatives involving international money transfer operators (IMTOs) to bolster market dynamics.
“We believe it is positive to bring them into the formal market, to be players in the space,” Cardoso emphasized, noting the rapid convergence of official market and Bureau de Change (BDC) rates.
He anticipates significant market improvements with new rules aimed at reducing volatility and enhancing transparency.
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