FX Backlog: CBN Disburses $61.64m To Foreign Airlines

The Central Bank of Nigeria (CBN) has recently disbursed approximately US $61.64 million to foreign airlines through various banks as part of commitment to eliminate the backlog of pending matured foreign exchange in Deposit Money Banks (DMBs).

This initiative, according to the apex bank, was part of its efforts to decrease its remaining liability to the airlines.

CBN Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, confirmed the payment in Abuja on Friday, January 5, 2024, according to the statement made available on Sunday.

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Mrs. Sidi Ali further disclosed that, in the past three months, the CBN has also redeemed outstanding forward liabilities amounting to almost USD 2 billion. This underscores the Bank’s commitment to the resolution of pending obligations and a functional foreign exchange market.

According to her, 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 Nigerian economy.

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