“The naira value of all unvalidated and unfulfilled forward transactions has been returned,” the CBN confirmed.
The Central Bank of Nigeria (CBN) has concluded its forensic audit into undelivered forward foreign exchange (FX) deals and refunded banks in naira for all unvalidated transactions. A circular dated August 4, signed by Acting Director of Financial Markets, Okey Umeano, confirmed the development.
“Following the completion of the audit, the payment of all validated forward transactions has been effected,” the CBN said. “In addition, the naira value of all unvalidated and unfulfilled forward transactions has been returned to the respective Authorised Dealer Banks.”
The refund follows a forensic audit by Deloitte, which found $2.4 billion out of $7 billion in FX commitments were invalid. The CBN said the matter is now considered closed.
Earlier, the Manufacturers Association of Nigeria had accused banks of freezing accounts over unsettled FX obligations and urged the CBN to intervene.
This move is seen as part of broader efforts to rebuild confidence in Nigeria’s FX market and stabilize the naira amid limited reserves.