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FX backlog: CBN disburses $61.6m to foreign airlines

The initiative is part of the CBN’s ongoing efforts to reduce its outstanding liability to the airlines, Persecondnews reports.

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A $61.64 million payment to international airlines has been made through a number of Deposit Money Banks (DMBs) by the Central Bank of Nigeria (CBN).

The initiative is part of the CBN’s ongoing efforts to reduce its outstanding liability to the airlines, Persecondnews reports.

The Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, who disclosed this in Abuja on Sunday, said the disbursement aligns with the CBN’s commitment to clearing the backlog of pending matured foreign exchange in DMBs.

She said in the last three months, the CBN had successfully redeemed outstanding forward liabilities amounting to nearly $2 billion.

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

“These payments signify 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 would provide a considerable boost to the Naira against other major world currencies and further increase investor confidence in the Nigerian economy.”

Persecondnews reports that in recent times, foreign airlines operating in Nigeria have faced challenges in repatriating profits or capital due to a shortage of dollars in the CBN, leading to a significant backlog amounting to billions of dollars.

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