Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has said about $2.4 billion out of the reported $7 billion outstanding foreign exchange liabilities of the federal government are not valid for settlement.
Speaking in an exclusive interview with Arise Television, the broadcast arm of THISDAY, Cardoso disclosed that the bank had settled verified FX requests, which amounted to $2.3 billion.
He added that current total outstanding FX obligations stood at $2.2 billion.Cardoso further indicated that part of the headline $7 billion outstanding FX claims were fraudulent, citing the outcome of a forensic audit by Deloitte Management Consultant, which was commissioned by the apex bank. The central bank governor said he was confident that the outstanding FX liabilities would be addressed shortly.
He maintained that CBN would not pay for FX requests that were not validly constituted, adding that the bank has written to authorised dealers to explain the disparities identified.
‘’And sadly, quite frankly, I think much of those have not been disputed to our satisfaction,” Cardoso said.
Moreover, contrary to speculations, Cardoso stated that he had nothing against the central bank’s interventions in the economy, pointing out that this remains a standard practice globally, especially in times of crisis.- Source: ThisDay
