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CBN clears all airlines’ foreign exchange debts

Exchange rate

Central Bank of Nigeria has announced the complete settlement of foreign exchange (FX) owed to all foreign airlines operating in the country.

Mrs Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN said on Tuesday, January 30, that the final tranche of $64.44 million brings the total disbursements to airlines to $136.73 million, effectively clearing all verified claims within the sector.

Ali also said that CBN’s Governor Olayemi Cardoso and his team are “doubly committed” to clearing the entire backlog and restoring confidence in the market.

She added that to secure long-term stability, the CBN seeks public support for its foreign exchange market reforms. Mrs. Sidi Ali called upon Nigerians to back these efforts, emphasizing the bank’s dedication to promoting orderliness and professional conduct.

This, she explained, will allow market forces to determine exchange rates naturally, leading to a more sustainable and efficient system.

The statement read; “The Central Bank of Nigeria, 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.

“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.”

 

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