The Central Bank of Nigeria has successfully fulfilled its commitment to settling the entire foreign exchange (FX) debt owed to foreign airlines operating in the country. The Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi Ali, announced on Tuesday, January 30, that the final tranche of $64.44 million has been disbursed, bringing the total payments to airlines to $136.73 million. This marks the completion of settling all verified claims within the aviation sector.
Mrs. Ali emphasized that Governor Olayemi Cardoso and the CBN team are fully committed to clearing the entire backlog, aiming to restore confidence in the market. She called for public support for the CBN's foreign exchange market reforms, seeking long-term stability. Mrs. Sidi Ali urged Nigerians to endorse these efforts, highlighting the CBN's dedication to fostering orderliness and professional conduct. This approach aims to let market forces determine exchange rates naturally, creating a more sustainable and efficient system.
The statement from Mrs. Sidi Ali stated, "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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