The Central Bank of Nigeria (CBN) recently disbursed the sum of US $61.64 million to foreign airlines through various banks.
In a statement, the apex bank explained that the action is in fulfilment of its commitment to eliminate the backlog of pending matured foreign exchange in Deposit Money Banks (DMBs), which is part of the CBN’s efforts to decrease its remaining liability to the airlines.
The Acting Director, Corporate Communications Department of CBN, Hakama Ali, who confirm this in Abuja over the weekend, said in the past three months, the apex bank has also redeemed outstanding forward liabilities amounting to almost USD 2 billion.
“This underscores the Bank’s commitment to the resolution of pending obligations and a functional foreign exchange market.
“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.” She stated.
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.
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