CBN: We’re verifying disputed $2.4bn FX claims

The Central Bank of Nigeria (CBN) says it is looking into the foreign exchange (FX) re-validation exercise to ascertain complaints of manufacturers and importers over FX claims worth $2.4 billion.

On March 20, the apex bank announced that all valid outstanding FX backlog claims had been settled.

However, according to Olayemi Cardoso, governor of CBN, about $2.4 billion in FX transactions were unverified and law enforcement agencies will probe the claim.

Reacting to the development on May 6, Segun Ajayi-Kadir, director-general of MAN, said so many manufacturers were affected by the unverified transactions.

Providing updates on Wednesday, at a special summit dinner organised by the Nigerian Economic Summit Group, in Abuja, Cardoso said the unverified backlog is being worked on.

“In respect to the forwards, You know, at the time I spoke about this when I was going for my clearance at the senate, all I knew was that there was a huge backlog, and there seemed to be a problem with the finances of the central bank,” he said.

“It was very clear to me that it was something that needed to be tackled immediately.

“And when I say it needed to be tackled, it’s giving confidence to international investors and others that as a central bank, we would meet our obligations. It was important to do so.

“We went through the process of verifying the claims, and we began to have a better understanding of the claims and the appropriateness of the claims.

“I know that as of now, there are still some which have been unverified. We are working on those. 

“We are at a particular stage now where we have gone through stage one, and we are back to stage two to verify those claims as it is now.

“But more important and very important, we had to ensure that we could walk the talk because that clearly and truly is the way to build credibility.

“No point in saying you do one thing and not do it. You have to be transparent in the way you undertake your operations.”

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), on August 7, said the non-payment of the FX forwards had severely crippled companies, pushing many towards bankruptcy.