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Abstract:Social Integrity Network (SINET) urges a full investigation into the CBN governor's claims of a $2.4B FX scandal, emphasizing its potential impact on Nigeria's economy and global financial reputation.
The Social Integrity Network (SINET) has called for a thorough inquiry into claims made by Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), about a $2.4 billion FX trading scandal. The claims, made during a Senate committee hearing and a national television appearance on February 5, 2024, have caused widespread anxiety among stakeholders.
SINET, headed by National Coordinator Ibrahim Issah, is requesting further information about Governor Cardoso's assertions, which were discovered during a forensic examination by a Deloitte Management Consultant. The group claims that if the charges are not fully investigated, they might harm Nigeria's economy and worldwide financial image.
In reaction to these serious allegations, SINET urges President Bola Tinubu and the National Assembly leadership to ensure that the CBN governor offers a more detailed explanation of the issue. SINET specifically requests that the CBN revisit its decision to respect forward contracts connected to Letters of Credit (LCs) issued by commercial banks, highlighting the importance of a solution that supports genuine economic operations.
The issue at stake is the methods by which the CBN distributes currency and the involvement of commercial banks in making forex accessible for business reasons. According to SINET, numerous firms have borrowed at high-interest rates, sometimes up to 30%, to get currency from these institutions, emphasizing the importance of forex in international commerce and investment.
SINET's call to action emphasizes the necessity of financial governance, transparency, and accountability in managing Nigeria's foreign reserves. The organization's worries focus on the larger ramifications of the charges, such as possible harm to Nigeria's economic stability and the faith of both domestic and foreign investors in the country's financial system.
As the crisis progresses, stakeholders are eager for more clarity from the CBN, as well as reactions from the Nigerian government and legislative authorities. The settlement of this issue is seen as critical to sustaining trust in Nigeria's financial markets and protecting the integrity of the country's economic policies and processes.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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