Investigation leads to potential legal action against individuals behind foreign exchange deal fraud, as reported by CBN following a thorough examination
The Central Bank of Nigeria (CBN) has announced the completion of an audit into undelivered forward Forex transactions, marking a significant step towards transparency and accountability.
The audit, carried out by the independent forensic expert, Deloitte, was based on a transparent mandate. Deloitte contacted authorized dealer Banks for explanations of infractions, and the findings of the audit have met procedural fairness standards.
Following the audit, the CBN has refunded the value of all unfulfilled and unverified deals to Banks in naira, amounting to over $2.4 billion. This figure represents about a third of the initially reported $7 billion Forex liabilities of the federal government, which were identified as invalid.
In addition, the local currency equivalent of outstanding and unverified Forex transactions has been returned to the Banks. The CBN has also reiterated its commitment to honoring all valid obligations while strengthening oversight.
It is worth noting that the case of undelivered forward Forex contracts has been concluded and closed. However, the available search results do not contain specific information about the parties investigated or potentially sanctioned by the CBN for violations related to undelivered forward Forex contracts.
In a historic move, the CBN announced the complete clearance of the valid Forex backlog in March 2024. This development is expected to boost investor confidence and stabilise the Nigerian economy.
The CBN's actions demonstrate a strong commitment to addressing issues of transparency and accountability in the management of Forex transactions, a crucial step towards fostering economic growth and development in Nigeria.
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