The Coordinating Minister of Finance, Mr Olawale Edun, has attributed the naira’s continuous decline to approximately $6.8 billion in overdue forward payments within the foreign exchange market.
Bloomberg also reports that Edun insisted that addressing the issue was crucial for stabilising the local currency.
According to Edun, the resolution of unpaid contracts could fortify the naira’s value and open avenues for additional foreign exchange inflow.
Over the course of several months, the Nigerian naira has been on a consistent downward trajectory in terms of its value.
In the currency exchange parallel market on Thursday, the exchange rate neared the threshold of N1,000 per US dollar.
But the depreciation can be attributed to the insufficient supply of dollars by the CBN to the particular market.
