CBN Investigates Fresh $2.4bn Forex Scam

Yemi Cardoso Outlines Solutions to Rising Inflation
Yemi Cardoso, CBN Governor

The Central Bank of Nigeria (CBN) is investigating foreign exchange transactions worth approximately $2.4 billion.

The CBN’s governor, Yemi Cardoso announced that the transactions have been deemed ineligible for payment due to numerous discrepancies found during a forensic audit.

Some of the transactions, he revealed, were made for millions of dollars that were never requested, while others were allocated huge sums of foreign exchange despite not having enough Naira.

According to him, the CBN has refused to validate the transactions and considers them illegal, adding that Law enforcement agencies are currently investigating the transactions.

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He stated that despite concerns about backlogs among stakeholders, the market remains open and transparent for them to address any outstanding contractual obligations.

The CBN has already verified and settled recognized backlogs of forward transactions, he disclosed.

However, the CBN Boss stressed that the apex bank is committed to maintaining price stability and fighting inflation by ensuring the restoration of the average Nigerian’s purchasing power.

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