The Central Bank of Nigeria (CBN), says it has disbursed 61.64 million dollars to foreign airlines through various Deposit Money Banks (DMBs).
According to a statement by its Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali in Abuja on Sunday, the disbursement is in fulfillment of CBN’s commitment to eliminate the backlog of pending matured foreign exchange in DMBs.
Sidi-Ali said that the initiative was part of the CBN’s efforts to reduce its remaining liability to the airlines.
She said that in the past three months, the CBN had also redeemed outstanding forward liabilities of close to two billion dollars.
“This underscores the CBN’s commitment to the resolution of pending obligations and a functional foreign exchange market.
“These payments signify 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 would provide a considerable boost to the Naira against other major world currencies and further increase investor confidence in the Nigerian economy”, she said.
It was reported that the total trapped fund of foreign airlines in the country is pegged at about 800 million dollars.
