CBN Concludes Payment Of All $136.73m Verified FX Claims By Airlines

In fulfillment of its pledge to clear the backlog of foreign exchange owed foreign airlines operating in the country, the Central Bank of Nigeria (CBN), on Tuesday said it has concluded settlement of all verified claims with an additional $64.44m to the concerned airlines.

A statement by the Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi Ali, said the latest amount paid to the airlines brought the total verified amount paid to that sector to $136.73m.

According to her the CBN 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 is 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.