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 broader efforts to decrease its remaining liability to airlines and enhance the functionality of the foreign exchange market.
The acting director of the corporate communications department at CBN, Hakama Sidi Ali, affirmed that this strategic disbursement is in line with the central bank’s commitment to resolving pending obligations. Over the past three months, the CBN has also successfully redeemed outstanding forward liabilities, amounting to nearly $2 billion. This proactive approach underscores the CBN’s dedication to maintaining a functional foreign exchange market and alleviating the existing pressure on the country’s exchange rate.
Sidi Ali emphasized that these payments mark ongoing efforts by the CBN to settle all remaining valid forward transactions. The anticipated impact of this initiative is a substantial boost to the Naira’s standing against major world currencies, fostering increased investor confidence in the Nigerian economy.
As the CBN continues to implement measures to stabilize the foreign exchange environment, the disbursement to foreign airlines and the redemption of forward liabilities represent crucial steps toward achieving a more resilient and predictable financial landscape in Nigeria.