Home BUSINESS BANKING & FINANCE CBN Spends Additional $64.44 Million To Clear Debts To Airlines

CBN Spends Additional $64.44 Million To Clear Debts To Airlines

The Central Bank of Nigeria (CBN), has cleared all the debts to foreign airlines in the country with additional $64.44 million.
This is in fulfilment of its pledge to clear the backlog of foreign exchange owed foreign airlines in the country.
The Acting Director of Corporate Communications in the CBN, Mrs. Hakama Sidi Ali, confirmed the development today, January 30, in a statement in Abuja.
According to her, the latest amount paid to the airlines brought the total verified amount paid to that sector to $136.73 million.
She said that all the verified airline claims have now been cleared, saying that the apex bank’s Governor, Olayemi Cardoso, and his team has expressed the bank’s commitment to ensure that the verified backlog of payments across all other sectors is cleared.
Mrs. Sidi Ali quoted the CBN governor as saying that he would restore confidence in the Nigerian foreign exchange market.
She assured that the CBN is working with stakeholders to ensure that liquidity improves within the forex market, thereby reducing pressure on Naira.
While expressing optimism that the market would respond positively with the latest injection of over $64 million, she cautioned actors in the foreign exchange market to guard against speculation as such actions could hurt the Naira.
Sidi Ali called on the public to support the reforms in the foreign exchange market, saying that CBN would continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure that market forces determine exchange rates.

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