How CBN fails to account for $4.5 billion in foreign reserves between 2018 and 2019

The Auditor-General of the Federation, Shaaka Chira, has asked the CBN, for an explanation for a missing $4.5 billion fund.

According to an audit report from the Office of the Accountant General, the sum was unaccounted for in Nigeria’s foreign reserves between 2018 and 2019.

The yearly audit report provides comprehensive information about the spending & financial affairs of the various ministries, departments and agencies under the government within a financial year.

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According to the report, the country’s foreign reserves, which stood at US$42,594,842,852.75 in December 2018, decreased to US$38,092,720,200.72 in 2019. By a simple calculation, US$4,502,122,652.03 could not be accounted for.

The infraction occurred following the COVID-19 outbreak, during the tenure of Godwin Emefiele, the former governor of the bank who is presently facing corruption charges. Chira has now urged CBN to offer explanations for the sum.