The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture warns that the non-payment of foreign exchange forwards has severely crippled affected companies, pushing many towards bankruptcy. The NACCIMA National President, Mr. Dele Oye, recently lamented that the non-payment of the FX forwards had severely affected companies claiming that businesses and banks involved are now burdened with exorbitant interest rates, averaging over 35%.
The Governor also revealed that about $2.4 billion out of the acclaimed $7 billion outstanding foreign exchange liabilities of the federal government were not valid for settlement. He said while the bank had settled verified FX requests which amounted to $2.3 billion at the time, the total outstanding FX obligations remained at $2.2 billion.
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