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The Central Bank of Nigeria (CBN) has fulfilled its commitment to address the backlog of foreign exchange owed to foreign airlines operating in the country by completing the payment of all verified claims, totaling an additional $64.44 million.
The Acting Director of Corporate Communications at the CBN made this announcement in Abuja, emphasizing the central bank’s dedication to clearing outstanding payments owed to foreign airlines.
The latest disbursement brings the total amount paid to the aviation sector to $136.73 million, effectively settling all verified claims from airlines.
In line with the CBN’s mission to restore confidence in the Nigerian foreign exchange market, the Governor, Olayemi Cardoso, and the CBN team remain steadfast in their commitment. The central bank is resolute in its determination to clear verified payment backlogs across various sectors, fostering confidence in the foreign exchange market.
The Acting Director assured stakeholders that the CBN is actively collaborating with industry players to enhance liquidity in the forex market, thereby alleviating pressure on the Naira.
Expressing optimism about the positive response of the market to the injection of over $64 million, she urged participants in the foreign exchange market to avoid speculative activities, emphasizing the potential negative impact on the Naira.
The Director appealed to the public to support ongoing reforms in the foreign exchange market. Additionally, she reiterated the CBN’s commitment to promoting orderliness and professionalism among all participants in the Nigerian Foreign Exchange Market, ensuring that market forces play a pivotal role in determining exchange rates.
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