EFCC Investigates $2.4 Billion Unauthorized Forex Transaction – Cardoso

Law enforcement authorities are currently conducting an investigation into $2.4 billion worth of unauthorized foreign exchange transactions – Cardoso.

The disclosure was made known during the media update that ensued the 294th meeting of the Monetary Policy Committee (MPC) in Abuja on Tuesday.

The examination is focusing on numerous transactions that did not adhere to the regulatory standards established by the CBN for foreign exchange allocations.

Cardoso highlighted various irregularities, such as the disbursement of large sums of FX for requests that were never submitted and allocations made without the necessary naira backing. He highlighted the absence of legal validity and adequate documentation in these transactions.

Cardoso emphasized the gravity of these irregularities, labeling numerous transactions under investigation as “clearly unlawful.”

“We determine that a number of these transactions did not qualify. In some cases, we have some allocations made in millions of dollars, which were never requested for; we also had somewhere they had no naira and they were also allocated some foreign exchange.

“It was for that reason that we refused to validate those particular transactions. Apart from the fact that documentation was not satisfactory, in many cases, they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid.”

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