Indications have emerged that the International Monetary Fund is to conduct a due diligence exercise on the Central Bank of Nigeria as part of a fresh ‘safeguards assessment’.
The new safeguards assessment is a fallout of the $3.4bn emergency financial assistance the IMF gave to the Federal Government to address the economic impact of the COVID-19 pandemic on the country.
The Federal Government agreed to undergo a fresh safeguard assessment in a Letter of Intent it sent to the IMF as part of the application for the $3.4bn emergency financial assistance. “To this end, we have authorised IMF staff to hold discussions with external auditors and provide IMF staff access to the CBN’s most recently completed external audit reports.
The IMF, in the staff report, acknowledged that Nigerian authorities had committed to “undergoing a safeguards assessment as soon as feasible”.
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