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In February, the CBN announced that a Deloitte audit found $2.4 billion of the $7 billion in FX claims, which have pressured the naira and unsettled the currency market, to be invalid. It’s essential to acknowledge that news production incurs expenses, and we take pride in never placing our stories behind a prohibitive paywall.The NACCIMA boss noted that the contracts involve exchanging a specific amount of foreign currency at a pre-agreed rate on a future date, but despite the maturity of these contracts, the CBN has yet to settle them.
According to him, the affected companies could face an estimated loss of about N2.4 trillion, which would reduce corporate income tax revenues for the next two to three years, thus threatening federal government revenue. The NACCIMA boss criticised the CBN’s approach, arguing that it lacked procedural fairness since the affected companies were not given the opportunity to respond to the audit findings before the conclusions were made.
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