The Central Bank of Nigeria (CBN) has disbursed $61.64 million to foreign airlines in Nigeria in a bid to clear forex obligations and stabilise the market. This move is towards resolving pending obligations and fostering a functional foreign exchange market.
According to Hakama Sidi Ali, the acting director, corporate communications department, CBN, this payment provides relief to airlines facing delayed forex access.
As part of its broader commitment, the CBN has redeemed $2 billion in outstanding forward liabilities in the past three months alone. This dedication aims to ease Naira pressure, positively impacting exchange rates and fostering economic growth.
Ali emphasised that beyond airlines, the CBN’s commitment extends to settling all outstanding valid forward transactions. The goal is to alleviate the pressure on the country’s exchange rate, thereby boosting investor confidence in the Nigerian economy.
She stated that the CBN believes that these measures will strengthen the Naira against major world currencies, creating a favourable environment for increased investment and economic growth.
According to her, the CBN’s proactive efforts aim to enhance the forex market, alleviate pressure on the Naira, and foster economic growth by boosting investor confidence.
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