CBN Settles Foreign Airlines Verified Dollar Claims After Eight Months

The Central Bank of Nigeria (CBN) on Tuesday said it has completed the payment of all verified claims owed to foreign airlines by injecting an additional $64.44 million into the sector.

The bank said the latest payment brings the total amount disbursed to the aviation sector to $136.7 million.

The bank had on 8 January announced the disbursement of about $61.64 million to the airlines through various banks.

The latest payment was contained in a statement by the acting director of corporate communications at the CBN, Hakama Ali.

Mrs Ali emphasized the unwavering commitment of the governor of CBN, Olayemi Cardoso, and the team to clear verified backlogs across all sectors, aiming to restore confidence in the Nigerian foreign exchange market.

She reassured stakeholders that efforts were underway to enhance liquidity within the forex market as a means of reducing pressure on the naira.

Expressing optimism about the positive response to the injection of over $64 million into the market, she warned against speculative actions and their potential harm to the Nigerian currency.

She also urged the public to support the reforms in the foreign exchange market, adding that the CBN would continue to promote orderliness and professional conduct by all participants in the Nigerian foreign exchange market to ensure market forces determine exchange rates.