Security agencies are currently investigating a $2.4 billion foreign exchange scam, as confirmed by Yemi Cardoso, a representative of the Central Bank of Nigeria (CBN).

Cardoso revealed that these transactions, flagged as ineligible for payment, are under scrutiny due to inadequate documentation and suspected illegality. The revelation came after a meticulous forensic audit, conducted to identify legitimate requests among a backlog.

Management consultants Deloitte were engaged by the CBN for this purpose, revealing discrepancies in several transactions. Cardoso emphasized the CBN’s commitment to maintaining transparency and addressing outstanding contractual obligations while combating inflation and ensuring price stability. #naijaeyesblog