Business & Economy News

FX Backlog: CBN Concludes Payment Of All Verified Claims By Airlines 

The Central Bank of Nigeria (CBN) has concluded the payment of all verified claims by airlines with an additional $64.44 million to the concerned airlines.

Confirming the payment, Acting Director of Corporate Communications, CBN, Mrs. Hakama Sidi Ali, noted that the latest amount paid to the airlines brought the total verified amount paid to that sector to $136.73 million.

She added that all the verified airline claims are now cleared.

According to her, the Governor, Olayemi Cardoso, and his team are committed to ensuring that the verified backlog of payments across all other sectors are cleared and confidence is restored in the Nigerian foreign exchange market.

Furthermore, she assured Nigerians that the CBN was working with stakeholders to ensure liquidity improves within the forex market, thereby reducing pressure on the Naira.

While expressing optimism that the market would respond positively with the latest injection of over $64 million, she admonished actors in the foreign exchange market to guard against speculation as such actions could hurt the Naira.

Sidi Ali, therefore, urged the public to support the reforms in the foreign exchange market, adding that the CBN would continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure market forces determine exchange rates.

Hauwa Abu

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