Obazee Questions CBN’s ₦13.7tn Forex Revaluation Account, Calls for Review

President Bola Tinubu’s Special Investigator, Jim Obazee, has questioned the Central Bank of Nigeria’s treatment of foreign exchange gains and losses in its 2025 financial statements. He said the ₦13.712 trillion Derivative and Foreign Exchange Revaluation Account is a high-risk area that requires detailed reconciliation. Obazee argued that the CBN’s treatment of some unrealised forex gains and losses may differ from the general IFRS approach. He urged the Financial Reporting Council of Nigeria to review the bank’s full audited accounts and determine which forex items were recorded as profit or loss and which were transferred to the revaluation account. He also raised concerns about the comparability of the 2025 figures, deferred liquidity-management costs, and the limited disclosures in the summary accounts released to the public. Obazee said the accounts should be withdrawn and restated if a regulatory review confirms material accounting errors.

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