CBN disburses $61.64m to foreign airlines to ease FX pressure

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.

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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.

Ifeoma Okeke-Korieocha

Ifeoma Okeke-Korieocha is the Aviation Correspondent at BusinessDay Media Limited, publishers of BusinessDay Newspapers. She is also the Deputy Editor, BusinessDay Weekender Magazine, the Saturday Weekend edition of BusinessDay. She holds a BSC in Mass Communication from the prestigious University of Nigeria, Nsukka and a Masters degree in Marketing at the University of Lagos. As the lead writer on the aviation desk, Ifeoma is responsible and in charge of the three weekly aviation and travel pages in BusinessDay and BDSunday. She also overseas and edits all pages of BusinessDay Saturday Weekender. She has written various investigative, features and news stories in aviation and business related issues and has been severally nominated for award in the category of Aviation Writer of the Year by the Nigeria Media Nite-Out awards; one of the Nigeria’s most prestigious media awards ceremonies. Ifeoma is a one-time winner of the prestigious Nigeria Media Merit Award under the 'Aviation Writer of the Year' Category. She is the 2025 Eloy Award winner under the Print Media Journalist category. She has undergone several journalism trainings by various prestigious organisations. Ifeoma is also a fellow of the Female Reporters Leadership Fellowship of the Wole Soyinka Centre for Investigative Journalism.