The Central Bank of Nigeria (CBN) has concluded a forensic audit into undelivered forward foreign exchange contracts and is preparing civil and criminal sanctions against violators.
A statement on the CBN website confirmed that the audit, conducted by Deloitte, exposed widespread infractions including false documentation, inflated forex requests, and unauthorised import approvals.
“The Bank will collaborate with law enforcement and regulatory agencies to pursue civil, administrative, or criminal sanctions, as necessary,” the CBN said.
The audit focused on transactions under the Retail Secondary Market Intervention Sales (RSMIS) window, many of which were found to be invalid.
Contracts deemed non-compliant were cancelled, with naira refunded and no foreign exchange disbursed. The CBN added that the audit process is now closed and not subject to appeal, having followed procedural fairness.
The move underscores the regulator’s push to restore discipline in Nigeria’s FX market, which has long been plagued by opacity and manipulation
