Promise Kept As CBN Clears FX Backlog Owed Foreign Airlines


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The Central Bank of Nigeria (CBN), has disbursed an additional $64.44 million to conclude payment of all verified claims by foreign airlines in the country.

This is in fulfillment of the pledge made by the CBN to clear the backlog of the foreign exchange owed the foreign airlines.

TheFact Daily had reported the US$500 million released by the apex bank across manufacturing, aviation, and petroleum sectors on Monday, January 29, 2024.

However, confirming the figures on Tuesday, January 30, 2024, the Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi Ali, 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.

According to her, the Governor, Olayemi Cardoso, and his team were doubly committed and would stop at nothing to ensure that the verified backlog of payments across all other sectors was cleared and confidence was restored in the Nigerian foreign exchange market.

Furthermore, she assured that the CBN was working with stakeholders to ensure liquidity improves within the forex market, thereby reducing pressure on the Naira.

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

Sidi Ali, therefore, 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.


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