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 revisit and settle the outstanding $2.2 billion worth of forward contracts that were recently invalidated.

ACTN President, Yinka Ogunnubi, made the appeal during a media briefing to announce the upcoming 2025 Treasury360 Conference and Exhibition, scheduled to hold on November 6–7, 2025, in Lagos. The event will focus on the theme, “Navigating Treasury Challenges in Nigeria: Leveraging Digital Finance & AI for Efficiency.”

Recall that while the current CBN management cleared about $7.5 billion in inherited forward contract backlogs, it also invalidated $2.2 billion, citing unverifiable claims.

Ogunnubi explained that of the undelivered $7.5 billion as of June 2023, $2.2 billion was deemed invalid under the system used by the former CBN administration. He stressed, however, that these were legitimate transactions, adding:

> “It’s not that the transactions were invalid — they were genuine. We are engaging with the CBN to reconsider, because these deals were executed at rates between N440 and N460 per dollar. Now that they’ve been invalidated, corporates must find FX at today’s rate of around N1,460 per dollar, in addition to accrued interest.”

He appealed to the apex bank to reassess and reverse the invalidation, urging a timely resolution to avoid further losses for corporate entities.

Ogunnubi also acknowledged that while the CBN had refunded some of the outstanding obligations in naira, it did so at the old exchange rate of about N460 per dollar — a move he described as unfair given the current market rate of approximately N1,460 per dollar.

Speaking on the forthcoming Treasury360 Conference, he noted that the theme reflects Nigeria’s current economic realities — including persistent inflation, high-interest rates, fiscal tightening, tax reforms, and rising operational risks affecting liquidity and cash flow.

He emphasized that corporate treasury functions are now strategic drivers of financial stability, extending beyond cash management to risk management, capital optimization, and business resilience.

The two-day event will feature top industry figures, including CBN Governor Dr. Olayemi Cardoso as Special Guest of Honour and SEC Director-General Dr. Emomotimi Agama, among others.