It has been reported by the Central Bank of Nigeria (CBN) that foreign airlines have gotten $61.64 million through different deposit money banks (DMBs).
Hakama Sidi Ali, CBN’s acting director of corporate communications, spoke in a statement on Sunday.
Ali stated that the CBN had redeemed almost $2 billion in outstanding forward liabilities in three months.
She said the disbursement fulfilled the regulator’s commitment to eliminating the pending matured foreign exchange (FX) backlog in banks.
She said,
- In fulfilment of its commitment to eliminate the backlog of pending matured foreign exchange in Deposit Money Banks (DMBs), the Central Bank of Nigeria (CBN) has recently disbursed approximately US $61.64 million to foreign airlines through various banks.
- This initiative is part of the CBN’s efforts to decrease its remaining liability to the airlines.
- This underscores the CBN’s commitment to resolving pending obligations and creating a functional foreign exchange market.
- It is anticipated that this initiative would provide a considerable boost to the Naira against other major world currencies and further increase investor confidence in the Nigerian economy.
To recover the funds, Emirates Airlines had to suspend all flight operations to Nigeria in November 2022.
Read more: https://www.investingport.com/cbn-disburses-61-million-to-foreign-airlines/