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‘Invalid’ FX backlog: Non-payment could push companies into bankruptcy, NACCIMA warns CBN

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The Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA) says the non-payment of foreign exchange (FX) forwards has severely crippled affected companies, pushing many towards bankruptcy.

The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture says the non-payment of foreign exchange forwards has severely crippled affected companies, pushing many towards bankruptcy.

Dele Oye, the president of NACCIMA, who spoke recently, said the non-payment of the FX forwards had severely affected companies. He said the group had engaged in rigorous advocacy, urging Olayemi Cardoso, the CBN governor, to reconsider the bank’s stance for several reasons, including the potential impact on the economy.

Between 2022 and 2023, Nigerian companies and small and medium enterprises met with the apex bank for an amount of foreign currency at a predetermined rate on a future date.out of the acclaimed $7 billion outstanding FX backlog was not valid for settlement, following an enquiry into the transactions.

 

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