On FX Backlogs
– We met $7 Billion in unpaid obligations
– We had reason to believe we needed to take a harder look at those obligations.
– Deloitte was contracted to do a forensic audit of what is valid or not. The results were startling
— $2.4 Billion had issues
— Not having valid import documents
— Entities did not exist got allocations
— Entities who asked for FX got more than they asked.
— Entities that did not ask got allocations
– We wrote to the authorized dealer to explain. Sadly much has not been disputed.
– $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 Naira remains undervalued
– The Naira will stabilise.
*”No matter the noise from miscreants, We won’t rush to respect any Forex claim until after proper audit and we will respect the outcome of the audit. Through this determination, we have discovered that out of the $7b forex claims with us, $2.4b cannot be verified….”*
“The CBN Internal arrangement is for administrative convenience and efficiency. It is in the best interest of all, so we shouldn’t be sentimental or parochial about it. Secondly, the headquarters is absolutely and unnecessarily overcrowded, we as responsible leaders must take decisions that will address such problems and forestall consequences…..”*
*”When you look at all credible global ratings, our approval has increased. World Bank, IMF and Co said our inflation rate will drop significantly by year end. These are not sentimental predictions. They know and see what we are putting in place in terms of economic policies. Our aim is give Nigeria a sustainable economic prosperity when minimum wage will become a living wage…..”*
“The naira is currently undervalued and will get to its actual place as we go forward with our reforms. The period of panic is not now, it is gone. This is the period of strict confidence building….”*
“My priority is to move the economy in the right direction with a renewed focus and build confidence in the system…..”*
*Yemi Cardoso, CBN Governor*
Yinka Ogunnubis wall
