BREAKING: CBN Discovers $2.4bn Forex Irregularities Causing Naira Instability

Date: 05-02-2024 2:21 pm (2 months ago) | Author: onuigbo felicia
- at 5-02-2024 02:21 PM (2 months ago)
(f)

Governor Yemi Cardoso of the Central Bank of Nigeria (CBN) disclosed on Monday, January 05, 2024 that a $2.4 billion scam involving false foreign exchange claims has been unearthed.

Governor Cardoso, speaking in a pre-recorded interview on Arise TV, provided insights into the findings of the investigation.

The scam has not only exerted immense pressure on the already struggling naira but has also had effect on the currency market according to the CBN governor.

The discovery emerged following an extensive audit conducted by Deloitte, a consulting firm hired by the CBN to investigate the suspicious claims.

The audit laid bare $7 billion backlog of unmet dollar demands from both investors and businesses.

This financial "overhang," as described by Governor Cardoso, poses a significant threat to the stability of the naira against the US dollar.

"We had reasons to believe we needed to take a harder look at these obligations. So we contracted Deloitte management consultants to do a forensics of all these obligations and to actually tell us what was valid and what was not," explained Cardoso.

"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," he said.

Posted: at 5-02-2024 02:21 PM (2 months ago) | Addicted Hero
- nikiniki at 5-02-2024 02:39 PM (2 months ago)
(f)
Ineptitude in the highest order. Cardoso must resign for his freaking inefficiencies and useless talks! How can such amount be recently discovered by consultants.....what were you all doing? Oh am speechless!
Posted: at 5-02-2024 02:39 PM (2 months ago) | Gistmaniac
Reply
- fineboy77 at 5-02-2024 02:46 PM (2 months ago)
Online (m)
Quote from: nikiniki on  5-02-2024 02:39 PM
Ineptitude in the highest order. Cardoso must resign for his freaking inefficiencies and useless talks! How can such amount be recently discovered by consultants.....what were you all doing? Oh am speechless!
It might be things done before he came into power. Emefiele must know a thing or two about this. Leave this new man be for some time.

Posted: at 5-02-2024 02:46 PM (2 months ago) | Addicted Hero
Reply
- kp45 at 5-02-2024 03:39 PM (2 months ago)
(m)
9ja Sha!
Posted: at 5-02-2024 03:39 PM (2 months ago) | Addicted Hero
Reply
- Lade200 at 5-02-2024 03:49 PM (2 months ago)
(m)
Dangote cement is one of the most widely purchased brands of cement in Nigeria at the moment. Builders and constructors prefer this brand of cement because it’s strong and dries up faster than others available in the market.
wholesale least package (600 bags And 900 bags). It Is Available for both Distributors And Wholesalers.
Price Per 50Kg Bag : N4,300
Contact Number : (07010794853)
(07010794853)
Note minimum purchase is 100 bags.
Posted: at 5-02-2024 03:49 PM (2 months ago) | Newbie
Reply
- blowout at 5-02-2024 03:50 PM (2 months ago)
(m)
The $2.4b with issues can easily be traced back to the presidency, senators and other top politicians.
Posted: at 5-02-2024 03:50 PM (2 months ago) | Gistmaniac
Reply
- Benti247 at 5-02-2024 03:56 PM (2 months ago)
(m)
Rubbish. I don't know where they brought this Brazilian from . Naira has lost consciousness since he assumed office as CBN Governor. Trust Nigerians. They're calling for Buhari and Emiefele to come back.
Posted: at 5-02-2024 03:56 PM (2 months ago) | Gistmaniac
Reply
- OmoNobaUku at 5-02-2024 04:51 PM (2 months ago)
(m)
Applause to you and to your team for the sterling work to uncover and block this. It is mind boggling that some people can be so greedy and heartless to have the audacity to steal a colossal sum of $2.4 Billion from the treasury knowing too well that millions of their fellow citizens live in abject poverty. Please name and shame them, charge them to court swiftly and let the court give them capital punishment.
Posted: at 5-02-2024 04:51 PM (2 months ago) | Gistmaniac
Reply
- OmoNobaUku at 5-02-2024 04:53 PM (2 months ago)
(m)
Quote from: nikiniki on  5-02-2024 02:39 PM
Ineptitude in the highest order. Cardoso must resign for his freaking inefficiencies and useless talks! How can such amount be recently discovered by consultants.....what were you all doing? Oh am speechless!
It looks like you've got your knickers twisted. Can you not read that this was from payments owing and due before the current Govt came into office? Rather than condemn him, you should applaud him and kiss his feet for blocking a $2.4 Billion loot of the treasury.
Posted: at 5-02-2024 04:53 PM (2 months ago) | Gistmaniac
Reply
- gogoman at 5-02-2024 11:12 PM (2 months ago)
Online (m)
 Roll Eyes Roll Eyes Roll Eyes
Posted: at 5-02-2024 11:12 PM (2 months ago) | Grande Master
Reply