…Says Even Entities That Made No Application Got Allocations
By Halimah Olamide
Central Bank of Nigeria Governor, Olayemi Cardoso, on Monday made startling revelations over the foreign exchange complications and scandals that he met in office.
Cardoso said while those who genuinely needed and applied for foreign exchange languished in wants, fake entities that did not apply got allocated.
He said he met in office, a staggering $7Billion in unpaid commitments adding the government had to invite a reputable firm, Deloitte to carry out a forensic examinations of the pending applications.
Of the $7bn pending, he said $2.4 Billion had issues. Among the issues he listed were that those who applied for them did not have valid import documents
Cardoso said many of those who fall into the category of questionable applications have not disputed the claims adding that $2.3 Billion of the validly executed ones including Airlines have been cleared.
“What remains is $2.2 billion. We are confident we will address those. We have come to the end of the road,” the apex bank boss said
In stabilising the economy, Cardoso said there must be a balance between the fiscal and monetary sides adding that both arms must be complimentary to each other.