Amid the free fall of the Naira in the foreign exchange market, President Bola Ahmed Tinubu has vowed to resolve all the challenges discouraging investors’ confidence in the country.
Speaking at the ongoing Nigeria Economic Summit #NES29 in Abuja on Monday, the President assured that Nigeria will honour all future foreign exchange contracts.
He said his administration is committed to sustaining Nigeria’s economy.
“All foreign exchange future contracts will be honoured by this government. We have a line of sight to the foreign exchange we need to refloat this economy. And we will get it,” Tinubu said.
Recall that the Central Bank of Nigeria (CBN) sold forward contracts to several Nigerian businesses with the promise of dollars at an agreed price in the future.
The banks opened Letters of Credit (LCs) on the back of the forward contracts, which were then used to buy goods from foreign suppliers.
However, the CBN has not settled the contracts since February 2023, leading to a backlog of around $3 billion, according to industry data.
DAILY POST reports that the Naira exchanged at N1,160/$1 at the parallel market on Monday morning.
Meanwhile, at the FMDQ market on Friday, the Naira closed at $/N808.27.
