Industry Minister to Press CBN Over $2.4bn FX Forward Contracts Issue

Nigeria's Industry Minister Senator Owan Enoh plans to engage the Central Bank of Nigeria Governor over $2.4 billion FX forward contracts, sparking controversy around the large foreign exchange deals.

Senator Owan Enoh, the Minister of State for Industry, has announced plans to engage Governor Olayemi Cardoso of the Central Bank of Nigeria over the $2.4 billion foreign exchange forward contracts. The contracts, which are currently held by the bank, have raised concerns among industry stakeholders and will be a key focus of discussion between Enoh and Cardoso. Enoh's engagement aims to address the outstanding issues surrounding these contracts and potentially pave the way for their renegotiation or termination.