I Will Clear All Outstanding Forex Obligations, Tinubu Assures Investors

President Bola Tinubu on Monday gave assurances that his government will clear all outstanding foreign exchange obligations.

Tinubu said this at the ongoing Nigerian Economic Summit Group (NESG) conference in Abuja.

The 29th Nigerian Economic Summit has as it’s theme, ‘Pathways for Sustainable Economic Transformation and Inclusion.’

Speaking at the event, the President said he would clear the foreign exchange future contracts backlog which has drained investor confidence in the country’s current foreign exchange reforms.

He said, “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.”

Foreign Airlines like Emirates Airlines had closed operations in Nigeria last year over their inability to repatriate funds.

Some of the airline’s with trapped funds are Emirates Airline, Lufthansa, British Airways, Ethiopian Airlines, Qatar Airways and Air France among others.

Domestic airlines in Nigeria also have blocked funds with the Central Bank, according to Air Peace founder and Chief Executive Officer, Allen Onyema.

THE WHISTLER had reported that the trapped funds belonging to foreign airlines operating in Nigeria had been reduced from $812.2m in April to $783m in August.

The International Air Transport Association said the funds belonging to foreign airlines, which had been trapped in the Central Bank of Nigeria had reduced to $783m as of August 2023.

In June, IATA had said that out of over $2bn trapped funds globally as of April, Nigeria accounted for $812.2m.