The governor of the Central Bank of Nigeria Yemi Cardoso says $2.4 billion foreign exchange backlog is not refundable.
According to The Punch, He stated that the CBN has already paid out $2.3 billion in legal FX demands, leaving about $2.2 billion in unpaid obligations. The governor underscored the bank’s resolve to only grant legitimate FX requests and immediately settle existing liabilities.
Misconceptions regarding the CBN’s involvement in economic interventions were also addressed by Cardoso. He emphasised the need for such measures, particularly in times of crisis, but emphasised that they must be carried out carefully to prevent the economy from becoming unstable.
He pointed out that present economic distortions, such as inflation, were a result of overspending on liquidity injections. It was noted that the CBN’s economic interventions—which accounted for almost 25% of the advances and loans totaling N40 trillion—were a factor in these imbalances.
The governor also highlighted the necessity for the CBN to shift its attention away from direct economic interventions and back towards its main goals, which include stabilising prices and containing inflation.
Cardoso gave assurances that the CBN would work with competent partners to ensure that future interventions are managed well and produce the intended results.
The goal is to create a more stable economic climate. As part of measures to stabilise the value of the currency, Cardoso refuted speculations by saying that the federal government had no intention of converting domiciliary accounts into naira accounts.
He reaffirmed the CBN’s dedication to maintaining economic stability and paying off the outstanding foreign exchange debts.
Cardoso explained in an exclusive interview with Arise Television on Monday that around $2.4 billion of the federal government’s initially declared $7 billion in foreign exchange liabilities were found to be fraudulent after a forensic audit conducted by Deloitte Management Consultant.
The audit’s conclusions revealed a number of violations, such as unapproved FX allocations and nonexistent businesses, rendering these obligations void.
