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CBN says all airlines’ verified payment claims concluded

How reforms can boost productivity as money supply rises 77%

The Central Bank of Nigeria (CBN) says it has concluded the payment of all verified claims by airlines with an additional $64.44 million in its efforts to clear the backlog of foreign exchange owed foreign airlines in the country.

Confirming the figures on Tuesday, January 30, Hakama Sidi Ali, acting director of corporate communications at the CBN, noted that the latest amount paid to the airlines brought the total verified amount paid to that sector to $136.73 million. She added that all the verified airline claims had now been cleared.

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

According to her, the CBN governor, Olayemi Cardoso, committed and would stop at nothing to ensure that the verified backlog of payments across all other sectors was cleared to restore the Nigerian foreign exchange market.

She further assured that the CBN was working with stakeholders to ensure liquidity improves within the forex market to reduce pressure on the naira.

While expressing optimism that the market would respond positively with the latest injection of over $64 million, she urged actors in the foreign exchange market to guard against speculation as such actions could hurt the naira.

Sidi Ali also urged the public to support the reforms in the foreign exchange market, adding that the CBN would continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure market forces determine exchange rates.