Abuja, Jan. 7, 2024 – The Central Bank of Nigeria (CBN) has offset $61.64 million of Nigeria’s debts to foreign airlines operating in the country.
This is intended at clearing the backlog of unrepatriated ticket revenues of the foreign airlines which accumulated due to lack of foreign exchange.
According to the International Air Transport Association (IATA), the debts stand at about $790 million.
Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications Department in CBN, described the gesture as a relief to the foreign airlines, some of whom had threatened to boycott the Nigerian route.
She said the gesture was part of the CBN’s broader commitment to settling all outstanding valid forward transactions.
“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,” she said. (GBN)
