• Wednesday, February 28, 2024
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BusinessDay

CBN clears all outstanding foreign airlines FX backlog with $64mn

Foreign airlines’ trapped funds hit $743m

The Central Bank of Nigeria (CBN) said it has fulfilled its commitment to settle outstanding claims by airlines, disbursing an additional $64.44 million to affected carriers.

This action clears the backlog of foreign exchange owed to foreign airlines operating in the country.

With this recent payment, the total verified amount disbursed to the aviation sector stands at $136.736 million, effectively addressing all verified claims.

In a statement, the Governor, Olayemi Cardoso, reiterated the CBN’s unwavering dedication to resolving outstanding payments across various sectors, aiming to restore confidence in Nigeria’s foreign exchange market. The bank remains resolute in its efforts to enhance liquidity within the forex market, thereby alleviating pressure on the naira.

Emphasising the importance of responsible market behaviour, the director urged stakeholders to refrain from speculative activities that could adversely affect the naira’s stability. She expressed confidence that the market would respond positively to the recent injection of over $64 million.

Additionally, the CBN encourages public support for ongoing reforms in the foreign exchange market. The bank remains committed to fostering transparency and professionalism among all participants, ensuring that market forces play a determining role in exchange rate dynamics.