Security Agencies have commenced the probe of $2.4b unverified forex payment.
NewsOnline Nigeria reports that security operatives have launched a probe into a $2.4 billion foreign exchange scam, Central Bank of Nigeria (CBN) Yemi Cardoso said yesterday.
He explained that the sum is among foreign exchange requests for transactions deemed ineligible for payment.
Cardoso said: “Aside from unsatisfactory documentation in many cases, they were outright illegal.
“The law enforcement agencies of course are now looking into those transactions that are as far as we’re concerned, not valid to be paid.”
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He stated this after the Monetary Policy Committee (MPC) meeting held in Abuja yesterday.
He said some allocations worth millions of dollars were disbursed without corresponding requests, and some transactions lacked proper documentation or were outright illegal.
Cardoso said the scam was uncovered after a meticulous forensic audit, which revealed discrepancies.
NewsOnline Nigeria reports that the CBN had engaged management consultants Deloitte to conduct a forensic analysis spanning months to determine legitimate requests among a backlog.
The firm established that several transactions failed to meet the validation criteria.
Cardoso said: “In the course of that forensic audit, we determined that a number of these transactions did not qualify.
“In some cases, some allocations were made in millions of dollars which were never requested for.
“You also had some where they had no Naira and they were allocated huge sums in foreign exchange and the list goes on.
“It was for that reason that we refused to validate those particular transactions.
On pending claims, Cardoso said the market remains open and transparent for those affected to address any outstanding contractual obligations.
He insisted that the CBN has diligently verified and settled recognised backlogs of forward transactions.
Cardoso reiterated the CBN’s commitment to maintaining price stability and fighting inflation.
