CBN To Pay Additional $64m To Foreign Airlines

Turkish Airlines

According to an official announcement made today, the Central Bank of Nigeria (CBN) has completed the payment of all validated claims by airlines with an extra 64.44 million dollars. The most recent installment follows the recent disbursement of $500 million for the same purpose.

The country’s acting director of corporate communications, Mrs. Hakama Sidi-Ali, stated that the central bank must honor its commitment to pay off the foreign exchange debt owing to international airlines, even in light of the scarcity of US dollars.

According to her, the most recent payment made to the airlines has increased the total verified amount paid to 136.73 million dollars. “At this point, all confirmed airline claims have been resolved,” she declared. She gave her word that the CBN management was dedicated and would not give up to ensure that the verified backlog of payments across all other sectors was cleared.

“We will ensure that confidence is restored in the Nigerian foreign exchange market. The CBN is working with stakeholders to ensure that liquidity improves within the forex market, thereby reducing pressure on the Naira,” she said. Sidi-Ali expressed optimism that the market would respond positively to the latest injection of over 64.44 million dollars.

She admonished actors in the foreign exchange market to guard against speculation as such actions could hurt the Naira. She also called on the Nigerian public to support the reforms in the foreign exchange market.

According to her, the CBN will continue to promote orderliness and professional conduct by all participants to ensure market forces determine exchange rates.

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