By Akinsuroju Olubunmi
Forex claims: CBN discovers $2.4bn fictitious claims
Mohammed Bello, Deputy Governor, Corporate Services of the Central Bank of Nigeria, revealed that a significant portion of the claimed backlog of $7 billion forex claims amounted to $2.4 billion in fictitious claims. Speaking at the Nigerian Bar Association‘s 2024 Law Week event in Abuja, Bello explained that upon assuming office, numerous demands for the clearance of outstanding forex obligations necessitated a comprehensive audit to determine their authenticity.
Bello highlighted the importance of clearing the authentic forex backlog, which has aided in stabilizing the Naira. He noted that major foreign airlines previously blocked low inventory seats due to their inability to repatriate trapped FX inflow. However, the clearing of the FX backlog led to the release of cheaper seats, reducing airfare costs and alleviating pressure on the Naira.
Additionally, Bello discussed contractionary policies adopted to tackle rising inflation rates, including the issuance of new guidelines on Bureau de Change and the revocation of licenses for over 4,000 BDCs to ensure orderliness in the space.
Abdullahi Ganduje, National Chairman of the All Progressives Congress, commended the party and President Bola Tinubu’s administration for implementing reforms. Meanwhile, Obioma Ezenwobodo, the branch Chairman, highlighted the branch’s accomplishments and passion for making a positive impact on its members and society.
Forex Claims: CBN discovers
(Forex Claims and CBN)