CBN Clears Backlog Of FX, Pays Foreign Airline $61.6m

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FILE PHOTO: Central Bank of Nigeria’s logo is seen on the headquarters building in Abuja, Nigeria January 22, 2018. REUTERS/Afolabi Sotunde/File Photo – RC1E81C7FA80

The Central Bank of Nigeria (CBN) has announced the disbursement of $61.64 million to foreign airlines through various Deposit Money Banks (DMBs). 

Mrs Hakama Sidi-Alihis, the Acting Director of Cooperate Communications made this disclosure in Abuja on Sunday.

This move aligns with the CBN’s commitment to clear all backlogs of pending matured foreign exchange in DMBs. 

The initiative is part of the CBN’s ongoing efforts to reduce its outstanding liability to airlines.

Adding to the information, in the last three months outstanding forward liabilities of $2 billion have been cleared.

She said, “This underscores the CBN’s commitment to the resolution of pending obligations and a functional foreign exchange market.

“These payments signify CBN’s ongoing efforts to settle all remaining valid forward transactions, to alleviate the current pressure on the country’s exchange rate.

“It is anticipated that this initiative would provide a considerable boost to the Naira against other major world currencies and further increase investor confidence in the Nigerian economy,”

[SA]