President Bola Ahmed Tinubu has declared that his administration will clear the foreign exchange contracts backlog, which is discouraging investors’ confidence in the country.
Naija News reports that the Nigerian leader made the declaration on Monday while speaking at the ongoing Nigeria Economic Summit #NES29 in Abuja.
Tinubu also assured that Nigeria will honour all future Foreign exchange contracts.
“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,” Tinubu said.
Naija News reports that Tinubu’s assurance is coming as, at the time, Nigeria’s currency, the Naira, records further declined due to the increasing scarcity of the US Dollar.
It was gathered earlier that naira started trading at 1,175/$ at the parallel market and closed at 1,190/$ last Friday. This is a decrease from two weeks ago when the naira traded at 1,100/$ at the…