Abuja, Jan. 30, 2024 – The Central Bank of Nigeria (CBN) has settled all foreign exchange debts to foreign airlines operating in the country.
The final tranche of $64.44 million, just settled, brought the total disbursements to the airlines to $136.73 million.
Hakama Sidi Ali, the CBN Acting Director of Corporate Communications, disclosed this on Tuesday.
“The Central Bank of Nigeria, fulfilling its pledge to clear the backlog of foreign exchange owed foreign airlines in the country, has concluded the payment of all verified claims by airlines with an additional $64.44 million to the concerned airlines,” she said.
Sidi Ali said Governor Olayemi Cardoso of the apex bank and his team were committed to clearing the entire backlog and restoring confidence in the market.
She said the airline sector payment signified a major step towards achieving this goal.
“Beyond settling existing debts, the CBN is actively working with stakeholders to enhance liquidity within the FX market, aiming to alleviate pressure on the Naira.
She expressed optimism that the latest injection of $64 million will positively impact the market, but cautioned against speculative practices and urged market participants to maintain responsible behaviour.
“While expressing optimism that the market would respond positively with the latest injection of over $64 million, she admonished actors in the foreign exchange market to guard against speculation as such actions could hurt the Naira,” the CBN statement reads.”
Sidi Ali called on Nigerians to back efforts of the CBN to promote orderliness and professional conduct and allow market forces to determine exchange rates naturally, leading to a more sustainable and efficient system. (GBN)
