Home News Finance Auditor-General Asks CBN to Account for $4.5b Missing from Foreign Reserves
FinanceNews

Auditor-General Asks CBN to Account for $4.5b Missing from Foreign Reserves

649
The Auditor-General of the Federation

The Auditor-General of the Federation, Shaaka Kanyitor Chira, has queried the Central Bank of Nigeria (CBN) about a substantial $4.5 billion missing from Nigeria’s foreign reserves.

An audit report from the Office of the Accountant General showed that the missing sum was unaccounted for in Nigeria’s foreign reserves between 2018 and 2019.

According to the report, Nigeria’s foreign reserves were $42,594,842,852.75 in December 2018 but decreased to $38,092,720,200.72 in 2019. The unexplained reduction of $4,502,122,652.03 during this period has prompted the Auditor-General to seek explanations from the CBN.

The discrepancy is said to have occurred amid the COVID-19 outbreak during the tenure of Godwin Emefiele, the bank’s former governor, who is currently facing corruption allegations in court.

Appointed as the Auditor-General for the Federation by President Bola Ahmed Tinubu on October 20, 2023, Chira has called on the CBN to clarify the circumstances surrounding the missing funds. The audit report emphasises that if the apex bank fails to justify the sum, it could potentially jeopardise the stability of the exchange rate.

Chira stated that the situation violated Section 25 of the Central Bank of Nigeria Act 2007. This section mandates the bank to maintain external reserves at suitable levels for the Nigerian economy and monetary system.

About The Author

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

EducationNews

Nigeria Establishes More ‘Chinese Corner’ as Mandarin Added to Senior Secondary Curriculum

The Federal Capital Territory (FCT) has expanded its cultural and educational partnership...

Nigeria: Tinubu Regime Suspends Illegal State of Emergency Rule in Rivers State
News

Nigeria: Tinubu Regime Suspends Illegal State Of Emergency Rule In Rivers State

The Bola Tinubu-led regime has suspended the illegal state of emergency rule...

Ghana's transit trade
NewsTravel

Ghana Defends Decision to Accept U.S. Deportees, Rejects Claims of Endorsing Trump’s Immigration Policy

Ghana’s government has defended its decision to accept West African migrants deported...

In a ministerial meeting of the Confederation of Sahel States (AES) held in Bamako on January 16, 2025, key decisions emerging from the session include establishing a Regional Investment Bank and launching transformative infrastructure projects across member states.
News

Niamey Hosts Second Meeting Of Justice Ministers of CSS, Discussions Focus on Judicial Reforms and Regional Integration

Niamey on Monday played host to the second meeting of justice ministers...