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

  • 📰 thecableng
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 80%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

JUST IN: CBN approves bailout for merger of Unity, Providus banksThe Central Bank of Nigeria (CBN) says it will offer financial support to aid the merger between Unity Bank Plc and Providus Bank Limited.
Source: thecableng - 🏆 2. / 80 Read more »