CBN Clears Airlines’ Foreign Exchange Backlog, Disbursing $64.44 Million and Surpassing $136.73 Million in Total Payments

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In a significant move to fulfill its commitment, the Central Bank of Nigeria (CBN) has successfully completed the payment of all verified claims owed to foreign airlines operating in the country. The Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi Ali, confirmed the latest development on Tuesday, January 30, 2024, highlighting that an additional $64.44 million had been disbursed to address the outstanding obligations.

Mrs. Sidi Ali emphasized that this payment brings the total verified amount disbursed to the airline sector to $136.73 million, marking the resolution of all verified claims within this domain. She conveyed the unwavering dedication of Governor Olayemi Cardoso and his team, emphasizing their determination to extend these efforts to clear backlog payments in other sectors, ultimately restoring confidence in the Nigerian foreign exchange market.

Assuring stakeholders, she stated that the CBN is actively collaborating with relevant parties to enhance liquidity within the forex market, aiming to alleviate pressure on the Naira. While expressing optimism about the positive market response to the injection of over $64 million, she cautioned against speculative activities, warning of potential adverse effects on the Naira.

Mrs. Sidi Ali urged the public to rally behind the ongoing reforms in the foreign exchange market, underscoring the CBN’s commitment to fostering orderliness and professionalism among participants. Emphasizing the role of market forces in determining exchange rates, she concluded by reinforcing the central bank’s dedication to maintaining a balanced and stable foreign exchange landscape.


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