Tinubu Promises to Clear FX Backlogs

James Emejo in Abuja

President Bola Tinubu Monday promised to clear all foreign exchange future contracts backlog which had continued to negativity impact investor confidence in the economy.

This comes as a huge sign of relief for both domestic and international investors who often blamed the current macroeconomic challenges largely on the liquidity constraints in the FX market.

Moreso, the liberalisation of the forex segment, particularly the floating of the Naira had brought about supply-side challenges amid increased demand and limited foreign capital inflows. 

However, speaking at the opening of the 29th Nigerian Economic Summit (NES#29), with the theme: “Pathways to Sustainable Economic Transformation and Inclusion”, the president said, “All foreign exchange future contracts will be honoured by this government.

“I assure you we have a line of sight to the foreign exchange we need to refloat this economy. And we will get it.”

Details later…