Central bank governor Yemi Cardoso revealed this information on Monday in an interview with Arise TV, stressing that these invalid claims have exerted pressure on the naira and unsettled the currency market.
After being concealed from public knowledge for seven years, the audited accounts of the CBN were made public last year. During this disclosure, auditors revealed a $7 billion backlog of unmet dollar demand from investors and currency users.
The CBN engaged Deloitte to investigate the forex claims for an accurate assessment, Mr. Cardoso stated in the interview.
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According to Deloitte's report, up to $2.4 billion of the reported backlog consists of false claims, with claimants unable to provide import documents in some instances, he added.
“We had had reasons to believe we needed to take a harder look at these obligations. So we contracted Deloitte management consultants to do forensics of all these obligations and to actually tell us what was valid and what was not,”
“The result that came out of this was startling in a great respect; it was quite startling. We discovered that of the roughly $7 billion, about $2.4 had issues, which we believed had no business being there – and the infractions from that range from so many things,"
"For example, not having valid import documents and in some cases, even entities that did not exist and in some cases, beneficiaries and account parties that asked for FX and got more than they asked...
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