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CBN clears all airlines’ FX debts

The Central Bank of Nigeria (CBN) has announced the complete settlement of foreign exchange (FX) owed to all foreign airlines operating in the country

CBN clears all airlines’ FX debts
CBN clears all airlines’ FX debts

The final tranche of $64.44 million brings the total disbursements to airlines to $136.73 million, effectively clearing all verified claims within the sector.

“The Central Bank of Nigeria, fulfilling its pledge to clear the backlog of foreign exchange owed foreign airlines in the country, has concluded the payment of all verified claims by airlines with an additional $64.44 million to the concerned airlines,” confirmed Mrs Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, on Tuesday.

This development underlines the CBN’s commitment to resolving outstanding FX obligations across all sectors.

Mrs. Sidi Ali emphasized that Governor Olayemi Cardoso and his team are “doubly committed” to clearing the entire backlog and restoring confidence in the market. The airline sector payment signifies a major step towards achieving this goal.

Beyond settling existing debts, the CBN is actively working with stakeholders to enhance liquidity within the FX market, aiming to alleviate pressure on the Naira.

Mrs. Sidi Ali expressed optimism that the latest injection of $64 million will positively impact the market. However, she cautioned against speculative practices and urged market participants to maintain responsible behaviour.

The post CBN clears all airlines’ FX debts appeared first on Ladun Liadi’s Blog.

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