CBN Clears $136.73m Foreign Airline Backlogs

The Central Bank of Nigeria (CBN) has confirmed that it has cleared the backlog of foreign exchange owed foreign airlines in the country by $64.44m.

This development is coming barely 24 hours after the CBN released $500m to various sectors to clear the backlog of verified foreign exchange transactions.

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Confirming the figures on Tuesday, the Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi Ali said “The latest amount paid to the airlines brought the total verified amount paid to that sector to $136.73m.

“An additional $64.44m was paid to the concerned airlines and all the verified airline claims have now been cleared.”

According to Ali, the Governor, Olayemi Cardoso, and his team were doubly committed 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.

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She also cautioned actors in the foreign exchange market to guard against speculation as such actions could hurt the Naira.

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