The Association of Corporate Treasurers of Nigeria (ACTN) has commended the Central Bank of Nigeria (CBN) for its prompt and efficient settlement of matured foreign exchange (FX) forwards.
Foreign exchange forward is a binding contract in the FX market that locks in the exchange rate for the purchase or sale of a currency on a future date. In a statement made available to Vanguard on Thursday, the President of ACTN, Mr Adeyinka Ogunnubi, said the CBN’s recent action to swiftly settle matured foreign exchange forwards has been a significant step forward in promoting stability and confidence in Nigeria’s FX market.
“Ogunnubi said that the move shows CBN’s responsiveness to the concerns of businesses and its continued efforts to implement policies that enhance the resilience of the Nigerian financial system.
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