CBN pays airlines $64.44m to clear verified forex claims

The Central Bank of Nigeria (CBN) has concluded the payment of all verified claims by airlines with $64.44 million.

The CBN made this known via a statement issued by its Acting Director of Corporate Communications, Hakama Sidi-Ali, on Tuesday, January 30, 2024.

Sidi-Ali stated that the CBN had to fulfil its pledge to clear the backlog of foreign exchange owed foreign airlines in the country.

She said the latest amount brought the total verified amount paid to the airlines to $136.73 million.

“All the verified airline claims have now been cleared,” she noted.

Sidi-Ali assured that the management of the apex bank was committed and would stop at nothing to ensure that the verified backlog of payments across all other sectors was cleared.

She added: “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.”

Sidi-Ali expressed optimism that the market would respond positively with the latest injection of over $64.44 million.

She admonished actors in the foreign exchange market to guard against speculation as such actions could hurt the naira.

The CBN spokesperson also called on the Nigerians to support the reforms in the foreign exchange market.

Sidi-Ali added that the CBN would continue to promote orderliness and professional conduct by all participants to ensure market forces determine exchange rates.

The Star