CBN unable to account for $4.5 billion missing from Nigeria’s foreign reserves – Auditor-General

The Central Bank of Nigeria (CBN) has been asked to explain how the sum of $4.5 billion went unaccounted for in Nigeria’s foreign reserve account between 2018 and 2019.
The discrepancy was made known in an audit report from the Office of the Auditor-General of the Federation (OAuGF).

The yearly report on audit provides comprehensive information about the spending and financial affairs of the various ministries, departments, and agencies under the government throughout a fiscal 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 report detailed that the violation occurred during the COVID-19 outbreak, while Godwin Emefiele was in charge as the Governor of the Central Bank of Nigeria (CBN).

Following the discovery of the discrepancy, the Auditor-General of the Federation, Shaakaa Chira, has asked the CBN to provide an explanation for the missing funds.