BREAKING: CBN Discovers $2.4bn Forex Irregularities Causing Naira Instability

Governor Cardoso shared details of the investigation in a pre-recorded interview on Arise TV. The ramifications of this scam have not only intensified the challenges faced by the already weakened naira but have also impacted the currency market, as noted by the CBN governor.
The discovery emerged following an extensive audit conducted by Deloitte, a consulting firm hired by the CBN to investigate the suspicious claims.
The audit laid bare $7 billion backlog of unmet dollar demands from both investors and businesses.
This financial “overhang,” as described by Governor Cardoso, poses a significant threat to the stability of the naira against the US dollar.

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