Corporate Treasurers Urge CBN To Resolve $2.2bn Invalidated Forward Contracts

The Association of Corporate Treasurers of Nigeria (ACTN) has called on the Central Bank of Nigeria (CBN) to reconsider its decision to invalidate $2.2 billion worth of forward contracts and ensure that the affected transactions are duly settled.

Speaking at a press briefing to announce the upcoming 2025 Treasury360 Conference and Exhibition, ACTN President, Yinka Ogunnubi, explained that while the CBN had cleared a backlog of $7.5 billion in inherited forward contracts, $2.2 billion of these were declared invalid. He noted that the transactions in question were legitimate, carried out between ₦440 and ₦460 per dollar at the time.

“It’s not that the transactions were fake — they were legitimate deals. Our appeal to the CBN is to review and revalidate these transactions, as the delay in resolution is causing financial losses for corporates who must now fund them at today’s rate of about ₦1,460 per dollar,” Ogunnubi stated.

He further disclosed that although the CBN refunded part of the funds in naira, it was done at the old rate of ₦460 per dollar, which he described as unfair given the current exchange rate.

The ACTN president also highlighted the forthcoming Treasury360 Conference, scheduled for November 6–7, 2025, in Lagos, with the theme “Navigating Treasury Challenges in Nigeria: Leveraging Digital Finance & AI for Efficiency.”

According to him, the event will examine practical strategies for managing today’s economic challenges — including inflation, high interest rates, fiscal tightening, and liquidity pressures — while redefining the role of treasury professionals toward enterprise-wide financial risk management and capital optimisation.

The conference will host top industry figures such as Dr. Olayemi Cardoso, Governor of the CBN, as Special Guest of Honour, and Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), among others.