FX Backlog: CBN Pays Additional $64m to Foreign Airlines
The Central Bank of Nigeria (CBN) has concluded the payment of all verified claims by airlines with an additional 64.44 million dollars, according to an official statement released today. The latest payment comes after $500 million was released for the same purpose just recently.
Despite the US dollar shortage, Mrs Hakama Sidi-Ali, CBN’s Acting Director of Corporate Communications, said that the apex bank had to fulfil its pledge to clear the backlog of foreign exchange owed to foreign airlines in the country.
She said that the latest amount brought the total verified amount paid to the airlines to 136.73 million dollars. “All the verified airline claims have now been cleared,” she said. She assured that the CBN management was committed and would stop at nothing to ensure that the verified backlog of payments across all other sectors was cleared.
“We will ensure that confidence is restored in the Nigerian foreign exchange market. The CBN is working with stakeholders to ensure that liquidity improves within the forex market, thereby reducing pressure on the Naira,” she said. Sidi-Ali expressed optimism that the market would respond positively to the latest injection of over 64.44 million dollars.
She admonished actors in the foreign exchange market to guard against speculation as such actions could hurt the Naira. She also called on the Nigerian public to support the reforms in the foreign exchange market.
According to her, the CBN will continue to promote orderliness and professional conduct by all participants to ensure market forces determine exchange rates. # FX Backlog: CBN Pays Additional $64m to Foreign Airlines AfDB Unlock New Funding for African Infrastructure Projects
