The Central Bank of Nigeria (CBN) has successfully fulfilled its commitment to settle the outstanding foreign exchange owed to foreign airlines operating in the country.
In a recent announcement on Tuesday, January 30, 2024, Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN, confirmed that an additional $64.44 million has been paid to the concerned airlines, bringing the total verified amount paid to the sector to $136.73 million.
With this payment, all verified claims by the airlines have now been cleared. Mrs. Sidi Ali emphasized the unwavering dedication of Governor Olayemi Cardoso and his team to clear the backlog of payments across all sectors and restore confidence in the Nigerian foreign exchange market.
She also assured that the CBN is actively collaborating with stakeholders to enhance liquidity in the forex market, thereby alleviating pressure on the Naira.
While expressing optimism that the market will respond positively to the injection of over $64 million, she cautioned against speculative actions that could negatively impact the Naira. Mrs. Sidi Ali urged the public to support the reforms in the foreign exchange market and emphasized the CBN’s commitment to promoting orderliness and professional conduct among all participants to ensure that exchange rates are determined by market forces.
