The Association of Corporate Treasurers of Nigeria (ACTN) has called on the Central Bank of Nigeria (CBN) to revisit and settle the outstanding portion of the $2.2 billion forward contracts earlier invalidated by the apex bank.
The appeal was made by ACTN President, Yinka Ogunnubi, during a media briefing in Lagos to announce the forthcoming 2025 Treasury360 Conference and Exhibition, scheduled for November 6–7, 2025, with the theme “Navigating Treasury Challenges in Nigeria: Leveraging Digital Finance & AI for Efficiency.”
Ogunnubi explained that while the CBN under its current leadership had cleared about $7.5 billion in inherited forward contract backlogs, $2.2 billion was deemed invalid due to verification issues, a decision he said has left many corporates exposed to severe financial strain.
“It is not that the transactions were invalid, they were legitimate contracts executed between ₦440 and ₦460 per dollar at the time,” Ogunnubi said.
“Now, with the naira trading around ₦1,460 to a dollar, those affected have to source foreign exchange at current rates, in addition to accumulated interest. We are appealing to the CBN to take a second look and bring closure to this issue.”
‘Corporates Losing From Both Ends’
The ACTN president noted that the apex bank has refunded some firms in naira at the old rate of ₦460 per dollar, which he described as “unfair” given the present exchange rate environment.
He stressed that the prolonged delay in resolving the matter has created uncertainty and unnecessary losses for affected corporates, urging the CBN to review its position in good faith.
“Valid or not, this issue needs closure. Companies are losing from both ends from the devaluation and from delayed settlements,” Ogunnubi said.
Treasury360 Conference To Address Emerging Financial Risks
Speaking on the upcoming Treasury360 Conference, Ogunnubi said the event will address Nigeria’s macroeconomic challenges, including high inflation, elevated interest rates, tight fiscal conditions, and rising operational risks that continue to affect liquidity and cash flow.
He noted that the role of treasury professionals has evolved beyond cash management to cover enterprise-wide risk management, capital optimization, and business resilience in a rapidly changing economy.
“The theme of this year’s conference reflects the realities of today’s operating environment. Treasury functions must now leverage technology, digital finance, and AI to enhance efficiency and decision-making,” he said.
The two-day conference will feature high-level participants, including CBN Governor Olayemi Cardoso as Special Guest of Honour and Securities and Exchange Commission (SEC) Director General Emomotimi Agama, among other financial sector leaders.
About the Author
