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All records of our transactions are intact – CBN

By on May 12, 2013

The Central Bank of Nigeria,CBN, has denied reports in some sections of the media that it destroys documents and records of certain transactions after five years.

A statement signed by CBN spokesman Ugochukwu Okoroafor, said “The attention of the Management of the Central Bank of Nigeria (CBN) has been drawn to a syndicated and spurious report by sections of the media on the proceedings of the Public Accounts Committee (PAC) of the House of Representatives, where officials of the CBN appeared on Tuesday, 7th May, 2013.”

“In the reports, attempts were made to twist the proceedings of the Committee and to misrepresent the officials of the CBN as saying that the bank destroys records of its financial transactions after five years. This claim is not only erroneous and mischievous but far from the truth”.

CBN stressed that it maintains a credible and modern archival system for all its records and documents.

“As as a public institution, all decisions taken by the CBN are guided by established and documented policies and processes which are based on laid down rules and global best practices.”

The statement said that as it’s normal with all audit reports, there were few observations contained in the Auditor-General’s report and these were based on information obtained during the spot check. The exceptions were not conclusive as in most cases and the Auditor-General of the Federation sought the intervention of PAC to access additional information.

“That the PAC members, therefore, raised issues based on the observations contained in the Auditor-General of the Federation’s Report and then requested for additional documentation which the CBN delegation agreed to provide.”

“That the items of review and observations related to decisions taken and documents of from five to 20 years ago; and the CBN officials requested for a longer time to dig into the archives as the 48-hour deadline given by the PAC was too short,” the statement added.