In furtherance of its commitment to offset the backlog of pending matured foreign exchange (FX) in Deposit Money Banks (DMBs), the Central Bank of Nigeria (CBN) has disbursed approximately $61.64 million to foreign airlines through various banks. This initiative is part of the CBN’s efforts to decrease its remaining liability to the airlines.
The latest payment by the apex bank was confirmed at the weekend by the Acting Director of the Corporate Communications Department at the CBN, Mrs. Hakama Sidi Ali.
The spokesperson disclosed that in the past three months, the CBN has also redeemed outstanding forward liabilities amounting to almost USD 2 billion. This underscores the Bank’s commitment to the resolution of pending obligations and a functional foreign exchange market.
According to her, the payments signify the CBN’s ongoing efforts to settle all remaining valid forward transactions, with the aim of alleviating the current pressure on the country’s exchange rate.
The Director stated that was 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 Nigeria’s economy.
