The Central Bank of Nigeria (CBN), has made good on its pledge to pay airlines the $64.44 million that was outstanding in foreign cash.
With this most recent payment, the confirmed total paid to airlines has reached $136.73 million, signifying the industry’s full settlement of proven FX claims. But just 17% of the $800 million owing to airlines has been paid with this payment.
The CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, said in a statement on Tuesday that Governor Olayemi Cardoso and his staff are completely committed to completing unfinished business in all sectors, leaving no one behind.
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She added that the CBN aims for a robust and liquid forex market, further warning participants against manipulative activities that could harm the Naira. Instead, she called for collaborative efforts and adherence to regulations to ensure market forces rightfully determine exchange rates.
The statement read: “According to her, the Governor, Olayemi Cardoso, and his team were doubly committed and would stop at nothing to ensure that the verified backlog of payments across all other sectors was cleared and confidence was restored in the Nigerian foreign exchange market.
“Furthermore, she assured that the CBN was working with stakeholders to ensure liquidity improves within the forex market, thereby reducing pressure on the Naira.
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“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.”
