According to Mrs. Hakama Sidi Ali, the Corporate Communications Department Acting Director at the Central Bank of Nigeria (CBN), the bank has recently allocated approximately US $61.64 million to foreign airlines through various banks. The disclosure was made during a rally organized by the CBN in Abuja over the weekend.
The initiative is part of the CBN’s ongoing efforts to reduce its remaining liability to airlines, Mrs. Ali stated. In the past three months, the CBN has redeemed outstanding forward liabilities amounting to almost USD 2 billion. This move underscores the bank’s commitment to addressing pending obligations and fostering a functional foreign exchange market.
Mrs. Ali emphasized that these payments are part of the CBN’s continuous efforts to settle all remaining valid forward transactions, aiming to alleviate the current pressure on the country’s exchange rate. This initiative is anticipated to significantly boost the Naira against major world currencies and enhance investor confidence in the Nigerian economy.