CBN Says $2.4bn Forex Claims Is Fictitious.

Deputy Governor of Corporate Services at the Central Bank of Nigeria, Mohammed Bello, says about $2.4bn out of the claimed backlog of $7bn forex claims were fictitious.

In a statement by the CBN during the 2024 Law Week event of the Nigerian Bar Association at Garki Branch in Abuja Bello said, upon assumption of office, there were numerous demands for clearance of outstanding forex obligations, adding that, it necessitated a comprehensive audit of the claims received to determine the genuineness or otherwise of the claims.

He said, policies and measures that were contractionary in nature were adopted to reduce cash in circulation with the hope of tackling the rising inflation rate in the country.

He also said, the issuance of new guidelines on bureau de change and license revocation of over 4,000 BDCs, among others, was adopted to ensure orderliness in that space.

The National Chairman of the All Progressives Congress, Alhaji Umar Ganduje, while, speaking at the occasion, hailed the ruling party and President Bola Tinubu’s administration for taking the right steps in reforming the nation.