In a strategic move, the Central Bank of Nigeria (CBN) has channelled an additional $61.6 million to foreign airlines through various banking institutions.
This financial infusion, part of the CBN’s commitment to clearing the backlog of matured foreign exchange in Deposit Money Banks (DMBs), was detailed by Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications at CBN, in a recent statement from Abuja.
In pursuit of diminishing its outstanding liability to the airlines, Mrs. Sidi Ali emphasized the significance of this initiative.
Over the past three months, the CBN has not only dispersed the mentioned funds but has also successfully redeemed outstanding forward liabilities, reaching a notable figure of nearly $2 billion.
This financial manoeuvre stands as a testament to the CBN’s dedication to resolving pending obligations and ensuring a robust foreign exchange market.
The primary objective of the CBN’s recent disbursement is to tackle the backlog of pending matured foreign exchange in the nation’s Deposit Money Banks (DMBs).
Mrs. Sidi Ali highlighted how this move aligns with the broader commitment to decrease the central bank’s remaining liability to foreign airlines.
In a proactive measure, the CBN has successfully redeemed outstanding forward liabilities, surpassing a substantial milestone of nearly $2 billion.
This achievement showcases the central bank’s proactive stance in addressing financial obligations and fostering a well-functioning foreign exchange market.
Mrs. Sidi Ali underscored that the recent payments are part of the CBN’s continuous efforts to settle all valid forward transactions.
The aim is to alleviate the existing pressure on the country’s exchange rate, reflecting the central bank’s commitment to overall economic stability.
