Corporate treasurers appeal to CBN on invalidated $2.2bn forward contracts

Set to host 2025 Treasury360 conference 

The Association of Corporate Treasurers of Nigeria (ACTN) has appealed to the Central Bank of Nigeria (CBN) to settle the outstanding portion of the invalidated $2.2 billion forward contracts.

President of ACTN, Yinka Ogunnubi, made the plea at a media briefing to announce the forthcoming 2025 Treasury360 Conference and Exhibition scheduled for 6th and 7th November 2025 in Lagos with the theme, “Navigating Treasury Challenges in Nigeria: Leveraging Digital Finance & AI for Efficiency”.

Recall that the current CBN management had to clear a backlog of inherited $7.5 billion forward contracts but invalidated $2.2 billion which it claimed could not be verified.

Ogunnubi noted that out of about $7.5 billion that was undelivered as at June 2023, about $2.2 billion was actually invalidated by CBN, adding that it was the system that the former CBN regime was using that led to the impasse. 

He stated: “It is not that the transactions were invalid, they were actually legitimate transactions. What we are doing is to engage with CBN to let them know that the transactions are legitimate. These were transactions that were consummated between N440 and N460 per dollar as at then, and today they are invalidated, meaning we need to secure foreign exchange (FX) to actually fund those transactions at today’s rate of about 1460 per dollar, apart from the accruing interests.

“Our appeal to CBN is that they should take a second look and re-appraise the whole thing so that they can reverse that decision to invalidate the transactions. And the process is taking too long to resolve. Valid or no valid, the matter should be brought to a closure in order to spare the corporates of losing from both ends.”

The ACTN president, however, acknowledged that the apex bank has refunded some of the outstandings in Naira but at the old rate of about N460 per dollar, which he described as unfair given the current exchange rate of about N1,460 to a dollar.

Speaking on this year’s Treasury360 conference, he said that the theme reflects the realities of today’s economic landscape and the evolving responsibilities of treasury professionals across corporates, financial institutions and government agencies.

He said Nigeria currently face macroeconomic challenges marked by persistent inflationary pressure; high-interest rate environment; fiscal tightening and evolving tax reforms; increasing cost of capital; and rising operational risks impacting liquidity and cash flow cycles, adding that that the conference will explore practical and innovative solutions.

“In the face of these realities, corporate treasury functions have become more strategic, moving beyond cash management to enterprise-wide financial risk management, capital optimisation, and business resilience,” he said.

The conference, he added, will feature high-level experts including: Dr. Olayemi Cardoso, CBN Governor as Special Guest of Honour; Dr. Emomotimi Agama, DG, Securities Exchange Commission (SEC), among others.

The post Corporate treasurers appeal to CBN on invalidated $2.2bn forward contracts appeared first on Vanguard News.