FX backlog: CBN pays foreign airlines additional $61.6m

The Central Bank of Nigeria, CBN, has disbursed the sum of $61.64 million to foreign airlines through various banks.

The Ag. Director of Corporate Communications of CBN, Mrs. Hakama Sidi Ali, explained in a statement in Abuja, yesterday, that it was in fulfilment of its commitment to eliminate the backlog of pending matured foreign exchange in Deposit Money Banks, DMBs,

“This initiative is part of the CBN’s efforts to decrease its remaining liability to the airlines,”, she said.

Mrs. Sidi Ali further disclosed that, in the past three months, the CBN has also redeemed outstanding forward liabilities amounting to almost $2billion.

She said, “This underscores the Bank’s commitment to the resolution of pending obligations and a functional foreign exchange market.”

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.