The Central Bank of Nigeria (CBN) has announced the completion of payments for all verified claims by airlines, with an additional $64.44 million. Mrs. Hakama Sidi-Ali, Acting Director of Corporate Communications at the CBN, made this announcement in a statement on Tuesday.
Sidi-Ali explained that the apex bank fulfilled its commitment to clear the backlog of foreign exchange owed to foreign airlines operating in the country. This recent payment brings the total verified amount disbursed to the airlines to $136.73 million.
“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 about the market’s positive response to the recent injection of over $64.44 million. She cautioned participants in the foreign exchange market against engaging in speculation, as such actions could negatively impact the Naira’s value.
Additionally, she urged the Nigerian public to support the reforms implemented in the foreign exchange market. Sidi-Ali emphasized that the CBN remains committed to fostering orderliness and professional conduct among all market participants to allow market forces to determine exchange rates.
