In fulfilment of its commitment to eliminate the backlog of pending matured foreign exchange in Deposit Money Banks, the Central Bank of Nigeria has disbursed approximately $61.64 million to foreign airlines through various banks.
This initiative, a statement revealed, is part of the CBN’s efforts to decrease its remaining liability to the airlines.
This information was confirmed by the Acting Director of the Corporate Communications Department at the CBN, Hakama Sidi-Ali, in Abuja on Friday.
Sidi-Ali further disclosed that in the past three months, the CBN has also redeemed outstanding forward liabilities amounting to almost $2 billion.
She said this underscores the Bank’s commitment to the resolution of pending obligations and a functional foreign exchange market.
Also Read:
- How alumni association can be an alternative means of funding education -ADGSSOSA President
- Lagos Taskforce gets new Chairman, Jejeloye redeployed
- Alleged N109b Fraud: EFCC didn’t promise ex-AGF won’t be prosecuted — Witness
- Minister disowns scam phone number
- 2.6m die annually due to alcohol, drug use — WHO
According to her, these payments signify the CBN’s ongoing efforts to settle all remaining valid forward transactions with the aim of alleviating the current pressure on the country’s exchange rate.
It is anticipated that this initiative by the CBN should provide a considerable boost to the Naira against other major world currencies and further increase investor confidence in the Nigeria economy.