NACCIMA Warns Non-payment of FX Forwards by CBN Pushing Companies into Bankruptcy

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

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