Central Bank of Nigeria (CBN) has announced the disbursement of $61.64 million to foreign airlines through various Deposit Money Banks (DMBs).
Gatekeepers News reports that the disbursement, as disclosed by Hakama Sidi-Ali, the Acting Director of Corporate Communications in Abuja on Sunday, aligns with the CBN’s commitment to clearing the backlog of pending matured foreign exchange in DMBs.
The initiative is part of the CBN’s ongoing efforts to reduce its outstanding liability to the airlines. Additionally, Sidi-Ali mentioned that in the last three months, the CBN has successfully redeemed outstanding forward liabilities amounting to nearly $2 billion.
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.”
