The Central Bank of Nigeria (CBN) has sunk about US $61.64 million into the hands of foreign airlines operating in the country, a move aimed at improving the Naira.
It was gathered that the targeted dollar release aimed at clearing a portion of the backlog of matured foreign exchange obligations owed to the airlines, is a significant step towards stabilizing the country’s forex market and boosting investors’ trust.
According to the Acting Director of CBN’s Corporate Communications Department, Mrs. Hakama Sidi Ali who confirmed this development on Sunday 7 January 2024 described it as a welcome relief to foreign airlines battling with delayed forex access.
Recall that in the past three months alone, the Apex Bank has recover a whopping US$2 billion in outstanding forward liabilities.
Reports say, the measure is expected to have a ripple effect by addressing the current pressure on the Naira’s exchange rate, as well as enable a considerable strengthening of the Naira against major world currencies as a result of the intervention by the Apex bank.
“These 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.
“It is 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 economy”. Sidi-Ali added.
