CBN Governor, Olayemi Cardoso
JUST IN: With $64.44m Addition, CBN Concludes Payment of FX Backlog to Foreign Airlines
The Central Bank of Nigeria (CBN) has concluded the payment of all verified claims of backlog of foreign exchange owed to foreign airlines, with an additional $64.44 million to the concerned airlines.
Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi Ali, disclosed this in a statement on Tuesday.
The statement reads: “The Central Bank of Nigeria (CBN), fulfilling its pledge to clear the backlog of foreign exchange owed foreign airlines in the country, has concluded the payment of all verified claims by airlines with an additional $64.44 million to the concerned airlines.
Sidi Ali noted that the latest amount paid to the airlines brought the total verified amount paid to that sector to $136.73 million.
She added that all the verified airline claims had now been cleared.
According to her, CBN Governor, Olayemi Cardoso, and his team are committed and would stop at nothing to ensure that the verified backlog of payments across all other sectors are cleared and confidence is 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,” the statement read in part.
Economic Confidential reports that this move my not be unconnected with the recent free fall of the Naira which is now flirting with 1500 naira to the Dollar at the parallel market.
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