In a bid to restore investor confidence in the country’s FX reforms, President Bola Tinubu has committed to addressing the existing foreign exchange futures contract backlog.
Speaking at the Nigerian Economic Summit Group (NESG) conference in Abuja, President Tinubu declared that “all future foreign exchange contracts will be honoured by this government.”
He emphasised the government’s determination to secure the required foreign exchange resources to revitalise the nation’s economy.
President Tinubu stated, “I assure you we have a line of sight to the foreign exchange we need to refloat this economy. And we will get it.”
The Central Bank of Nigeria (CBN) had previously issued forward contracts to various Nigerian businesses, promising them dollars at agreed-upon prices in the future.
