Central Bank of Nigeria (CBN) has confirmed the fulfilment of its promise by clearing 17% of the $800m – $64.44m backlog of foreign exchange owed to airlines.
Gatekeepers News reports that this latest disbursement brings the total verified amount paid to airlines to $136.73 million, marking a complete settlement of verified forex claims in the sector.
The CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali in a statement on Tuesday, affirmed that Governor Olayemi Cardoso and his team are laser-focused on tackling outstanding obligations across other sectors, leaving no one behind.
Ali added that the CBN aims for a robust and liquid forex market, warning participants against manipulative activities that could harm the Naira.
She, therefore, called for collaborative efforts and adherence to regulations to ensure market forces rightfully determine exchange rates.
The statement read, “According to her, the Governor, Olayemi Cardoso, and his team were doubly committed and would stop at nothing to ensure that the verified backlog of payments across all other sectors was cleared and confidence was restored in the Nigerian foreign exchange market.
“Furthermore, she assured that the CBN was 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 CBN earlier said that it has released $500 million to various sectors in its determination to address the backlog of verified foreign exchange transactions.
In the last three months, the CBN successfully cleared over $2.5 billion in overdue foreign exchange forwards, aiming to resolve the backlog of dollars in Africa’s largest economy.
Foreign airlines operating in Nigeria earlier expressed dissatisfaction with the initial $61 million payment made by the federal government to address the $800 million in revenue owed to international carriers stuck in the country.
