The Central Bank of Nigeria (CBN) has fulfilled its commitment by clearing a $64.44 million backlog of foreign exchange owed to airlines, bringing the total verified amount paid to $136.73 million.
This marks a significant step in settling the outstanding $800 million owed to airlines, representing 17 per cent of the total claims.
In a statement on Tuesday, Mrs. Hakama Sidi Ali, the CBN’s Acting Director of Corporate Communications, reiterated the central bank’s dedication to resolving outstanding obligations across various sectors.
Governor Olayemi Cardoso and the CBN team are determined to clear verified backlogs and restore confidence in the Nigerian foreign exchange market.
Ali cautioned against manipulative activities in the forex market that could harm the Naira, emphasizing the need for collaborative efforts and adherence to regulations. The CBN aims for a robust and liquid forex market, encouraging market forces to rightfully determine exchange rates.
She stated, “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.”
The CBN is actively working with stakeholders to improve liquidity in the forex market, thereby reducing pressure on the Naira.
Expressing optimism about the market responding positively to the latest injection of over $64 million, Ali urged participants to guard against speculation, which could adversely affect the Naira.
She called on the public to support reforms in the forex market, emphasizing the CBN’s commitment to promoting orderliness and professional conduct.
The CBN had previously released $500 million to various sectors as part of its efforts to address the backlog of verified foreign exchange transactions. In the last three months, it successfully cleared over $2.5 billion in overdue foreign exchange forwards to resolve the backlog in Africa’s largest economy.
Foreign airlines operating in Nigeria had expressed dissatisfaction with the initial $61 million payment made by the federal government to address the $800 million revenue owed to international carriers.
The CBN is conducting an independent forensic review to address severe infractions, widespread abuse, and substantial non-compliance with market regulations, with plans for appropriate sanctions in collaboration with relevant agencies.
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