The Association of Corporate Treasurers of Nigeria (ACTN) has urged the Central Bank of Nigeria (CBN) to revisit and settle the outstanding portion of the $2.2 billion forward contracts that were recently invalidated by the apex bank.
The president of ACTN, Yinka Ogunnubi, made the appeal on Sunday, October 26, while announcing the forthcoming 2025 Treasury360 Conference and Exhibition, scheduled to hold on November 6 to7, in Lagos.
The conference will be held under the theme, “Navigating Treasury Challenges in Nigeria: Leveraging Digital Finance & AI for Efficiency.”
Ogunnubi recalled that while the current CBN management had cleared a backlog of $7.5 billion in inherited forward contracts, it had also invalidated $2.2 billion, citing unverifiable transactions.
He explained that of the $7.5 billion undelivered as of June 2023, about $2.2 billion was invalidated by the CBN, attributing the situation to flaws in the transaction system used under the former central bank leadership.
Ogunnubi said, “It’s not that the transactions were invalid they were legitimate.
“We are engaging the CBN to reconsider, as these were agreements executed between ₦440 and ₦460 per dollar at the time.
“Now, they have been invalidated, forcing corporates to source Foreign Exchange (FX) at today’s rate of around ₦1,460 per dollar, in addition to accrued interest.”
He further appealed to the apex bank to reassess the issue and bring closure to the prolonged impasse to prevent corporate organizations from suffering losses on both ends.
According to him, although the CBN had refunded some amounts in naira, the repayments were made at the old exchange rate of about ₦460 per dollar, which he described as unfair, given the prevailing market rate of around ₦1,460 per dollar.
Speaking on the upcoming Treasury360 Conference, Ogunnubi stated that the theme reflects Nigeria’s current macroeconomic challenges, including persistent inflationary pressures, a high interest rate environment, fiscal tightening, tax reforms, and rising operational risks affecting liquidity and cash flow.
He noted that today’s treasury functions have evolved beyond cash management, now encompassing enterprise wide financial risk management, capital optimization, and business resilience essential tools for navigating the country’s evolving economic landscape.
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