Naijahood
The Central Bank of Nigeria (CBN) has dispersed a total of $61.64 million to foreign airlines through various banks. Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications at CBN, clarified in a statement in Abuja yesterday that this move is in line with the bank’s dedication to clearing the backlog of matured foreign exchange in Deposit Money Banks (DMBs).
“This initiative is part of the CBN’s efforts to reduce its outstanding liabilities to the airlines,” she explained.
Mrs. Sidi Ali went on to reveal that over the past three months, the CBN has successfully redeemed outstanding forward liabilities totaling nearly $2 billion. She emphasized, “This highlights the Bank’s commitment to addressing pending obligations and fostering a functional foreign exchange market.”
In her statement, Mrs. Sidi Ali conveyed that these disbursements underscore the CBN’s continuous endeavors to settle all valid forward transactions, with the objective of easing the existing pressure on the country’s exchange rate.
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