JUST IN: President Tinubu vows to Clear Foreign Exchange Contracts Backlog
Thompson Nsisongabasi
Oct 23, 2023
JUST IN: President Tinubu vows to Clear Foreign Exchange Contracts Backlog
In a bid to boost investor confidence, President Bola Ahmed Tinubu has declared that his administration will clear the foreign exchange contracts backlog and honour all future contracts.
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Tinubu made the declaration on Monday while speaking at the ongoing Nigeria Economic Summit #NES29 in Abuja.
He said, "All foreign exchange future contracts will be honoured by this government. I assure you we have a line of sight to the foreign exchange we need to refloat this economy. And we will get it.ÔÇØ
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The President's assurance comes as the country's currency, the Naira, continues to decline in value due to the increasing scarcity of the US Dollar.
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At the parallel market, the Naira started trading at 1,175/$ on Friday and closed at 1,190/$. This is a decrease from two weeks ago when the Naira traded at 1,100/$ at the parallel market.
However, there was a slight appreciation in the Naira's value on the Investor & Exporter forex window. It sold at 808.28/$ at the close of trading on Friday, compared to 810.05/$ on Thursday.
Earlier, the Central Bank of Nigeria (CBN) issued forward contracts to various Nigerian businesses, guaranteeing the purchase of dollars at a predetermined price in the future.
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However, the CBN has been struggling to meet its obligations under these contracts, which has led to a backlog of unpaid contracts.
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— Thompson Nsisongabasi