Industry minister to engage CBN over $2.4bn FX forward contracts

Industry minister to engage CBN over $2.4bn FX forward contracts

By Fly Cable News

The Minister of State for Industry, Senator Owan Enoh, has promised to engage the Governor of the Central Bank of Nigeria, Olayemi Cardoso, over the $2.4bn foreign exchange forward contracts.

Enoh said this on Wednesday at the first stakeholders’ town hall meeting with representatives from the Manufacturing Association of Nigeria, Nigeria Association of Chambers of Commerce, Nigeria Employers’ Consultative Association other members of the Organised Private Sector, in response to the real sector’s stakeholders’ lamentation on how the delay in settling at the FX forward contracts had impacted their operations.

The meeting was the minister’s first engagement with the industry stakeholders since he came into office in October.

The meeting was aimed at fostering more collaboration, promoting inclusivity and initiating transformative conversations for Nigeria’s industrial growth.

There are the N2.4bn contracts due to the industry that the CBN is keeping, which is regarded as a breach of contract. As early as next week, I will begin to get in touch with the governor of the Central Bank to have discussions on this.

“I’m not a person who would come to a session like this and not take action. I’m going to see the CBN governor on this and I will share the outcome with MAN and OPS,” the minister noted.