January 07, (THEWILL) – In fulfilment of its commitment to eliminate the backlog of pending matured foreign exchange in Deposit Money Banks (DMBs), the Central Bank of Nigeria (CBN) has recently disbursed approximately $61.64 million to foreign airlines through various banks.
This initiative 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, Mrs. Hakama Sidi-Ali, in Abuja, on Friday, January 5, 2024, according to a document forwarded to THEWILL Sunday evening.
Mrs. Sidi-Ali further disclosed that, in the past three months, the CBN had also redeemed outstanding forward liabilities amounting to almost $2 billion.
“This underscores the Bank’s commitment to the resolution of pending obligations and a functional foreign exchange market,” the apex bank said.
Sidi-Ali noted that the 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 Nigerian economy.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
