The CBN has refunded naira to banks after closing its audit into failed FX forward transactions.
The Central Bank of Nigeria (CBN) has completed its forensic audit into undelivered forward FX transactions and refunded the naira equivalent of all unfulfilled and unvalidated deals to commercial banks.
In a letter dated August 4, 2025, signed by Acting Director Okey Umeano, the CBN confirmed that all validated forward contracts have been paid, while unvalidated ones were refunded in local currency.
The bank stated the matter is now considered concluded and closed.
This follows months of pressure from groups like the Manufacturers Association of Nigeria (MAN), which had accused banks of freezing accounts over unmet FX obligations and called for urgent intervention.
The refund, done in naira instead of dollars, reflects the CBN’s cautious approach amid limited external reserves. It also builds on earlier efforts to clear FX backlogs and restore market confidence, including the clearance of valid claims in March 2024.
A previous audit by Deloitte had found $2.4 billion of Nigeria’s reported $7 billion FX liabilities to be invalid.
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