CBN fails to account for $4.5bn in Foreign Reserves - Audit Report
Nigeria, Feb. 12 -- The sum of $4.5 billion cannot be accounted for in Nigeria's Foreign Reserves between 2018 and 2019, an audit report of the Office of the Auditor-General of the Federation (OAuGF) has revealed.
The annual audit report details the expenditures and finances of the government's ministries, departments, and agencies within a financial year.
According to the report, 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 happened in the wake of the COVID-19 pandemic, under Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), who is currently facing corruption...
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