On Monday, February 5, the governor of the central bank of Nigeria declared that a judicial audit involving 7 billion dollars worth of foreign exchange transactions an outstanding debt that the bank is trying to clear has revealed irregularities affecting 2.4 billion dollars in transactions.

Lors d' une interview, le gouverneur de la CBN, Olayemi Cardoso, said the irregularities ranged from missing documents to non-existing entities and beneficiaries receiving unauthorized currency allowances. The audit, carried out by the management consulting firm Deloitte, aimed to determine whether there were invalid transactions in the currency backlog, one of the factors behind the fall in the naira. So far, around $2.5 billion in arrears in the aviation, manufacturing and energy sectors has been paid according to Cardoso. Last week, the CBN announced a limit on how much banks can hold in foreign currencies, capping their net open positions at 20% of shareholders' funds for short positions and a zero limit for long positions