In continuation of its effort to clear the backlog of foreign exchange in key sectors of the economy, the Central Bank of Nigeria (CBN) on Tuesday announced the completion of the settlement of all outstanding verified claims by foreign airlines operating in the country.
The Acting Director of Corporate Communications at the CBN, Hakama Sidi Ali, who confirmed the payment said $64.44 million was released to the concerned airlines in addition to what was paid before.
Ali said the latest payment, which is the fulfilment of the of the Bank to clear the backlog of foreign exchange owed foreign airlines in the country, brought the total verified amount paid to the sector to $136.73 million.
She said CBN Governor, Olayemi Cardoso, and his management team were committed to the effort to clear the backlog of verified payments across all other sectors to restore confidence in the Nigerian foreign exchange market.
She assured that the CBN was working with stakeholders to ensure liquidity improved within the foreign exchange market, to reduce the pressure on the Naira which plunged to the lowest level of about N1,500 to the dollar on Tuesday.
Ali said the CBN governor remains optimistic about chances of the market responding positively with the latest injection of over $64 million.
She admonished operators in the foreign exchange market to guard against speculative activities to avoid hurting the Naira.
Stressing the need for the public to support the ongoing reforms in the foreign exchange market, Sidi Ali assured that the CBN would continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure market forces were the only determinants of the exchange rates.
