Foreign airline operators receive $61.6 million from CBN

The payment of $61.64 million to international airlines via different Deposit Money Banks (DMBs) has been announced by the Central Bank of Nigeria (CBN). According to Hakama Sidi-Ali, the Acting Director of Corporate Communications in Abuja on Sunday, the payment was made following the CBN’s pledge to pay out the outstanding amount of matured foreign exchange in DMBs.

This activity is a component of the CBN’s continuous endeavours to decrease its outstanding obligation to the airlines. Furthermore, according to Sidi-Ali, the CBN has effectively redeemed outstanding forward liabilities totalling around $2 billion over the past three months.

She said, “This underscores the CBN’s commitment to resolving 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 considerably boost the Naira against other major world currencies and further increase investor confidence in the Nigerian economy.”