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In a bid to boost investor confidence, President Bola Ahmed Tinubu has declared that his administration will clear the foreign exchange contracts backlog and honour all future contracts.
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.” At the parallel market, the Naira started trading at 1,175/$ on Friday and closed at 1,190/$. This is a decrease from two weeks ago when the Naira traded at 1,100/$ at the parallel market.
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