Newly-Uncovered False Foreign Exchange Claims Could Hurt Nigerian Economy

FILE - The headquarters of the Central Bank of Nigeria is seen in Abuja, Nov. 11, 2011.

Nigeria's central bank said this week it uncovered $2.4 billion in false foreign exchange claims after investigating backlogs of $7 billion due to be cleared. Authorities said the findings will reduce pressures caused by foreign exchange shortages and warned that false claims could harm Nigeria's economy.