Relief For Foreign Airlines As CBN Settles $61.64m FX With Banks
BY EDMOND ODOK – The Central Bank of Nigeria (CBN) has disbursed approximately US $61.64 million to foreign airlines in fulfilment of its commitment to eliminate the backlog of pending matured foreign exchange in Deposit Money Banks (DMBs).
According to the apex bank, this initiative is part of efforts to decrease its remaining liability to the airlines through the various DMBs.
A statement confirming the development was issued by the CBN’s Acting Director of the Corporate Communications Department, Mrs Hakama Sidi Ali, in Abuja on Friday, 5th January 2024.
Mrs. Sidi Ali further explained that the CBN has also redeemed outstanding forward liabilities amounting to almost USD two billion (US $2bn) in the past three months.
She stated that the current measures underscores the Bank’s commitment to ultimately resolving pending obligations and a functional foreign exchange market in the country.
Additionally, the apex Bank spokeswoman said these payments signify the CBN’s ongoing efforts to settle all remaining valid forward transactions, with the aim of alleviating the current pressure on the country’s exchange rate.
“It is anticipated that this initiative by the CBN should provide a considerable boost to the Naira against other major world currencies and further increase investor confidence in the Nigeria economy”, the statement said.
