In a strategic move to stabilize the country’s foreign exchange market and enhance investor confidence, the Central Bank of Nigeria (CBN) has disbursed approximately US $61.64 million to foreign airlines operating in the country. This targeted release of dollars aims to clear a portion of the backlog of matured foreign exchange obligations owed to the airlines.
The Acting Director of CBN’s Corporate Communications Department, Mrs. Hakama Sidi Ali, confirmed this significant development on Sunday, describing it as a welcome relief for foreign airlines grappling with delayed access to foreign exchange. This initiative is part of the CBN’s ongoing efforts to settle all remaining valid forward transactions, demonstrating a commitment to resolving forex-related challenges.
Over the past three months, the Apex Bank has redeemed an impressive US$2 billion in outstanding forward liabilities. The latest injection of funds is anticipated to have a ripple effect, alleviating the current pressure on the Naira’s exchange rate. The CBN’s intervention is expected to result in a considerable strengthening of the Naira against major world currencies.
Hakama Sidi-Ali stated, “These payments signify the CBN’s ongoing efforts to settle all remaining valid forward transactions, to alleviate 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.”
Oreoluwa is an accountant and a brand writer with a flair for journalism.