Naira Gets Major Boost As CBN Clears $61.64m Backlogs To Foreign Airlines

Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has disbursed about $61.64 million to foreign airlines operating in the country as part of efforts to decrease its outstanding liability to the airlines.

The CBN acting Director, Corporate Communications Department, Hakama Sidi, who made this known in a statement yesterday, disclosed that the disbursement was done through various Deposit Money Banks (DMBs) in the country.

She added that the apex bank has also redeemed outstanding forward liabilities amounting to about $2 billion in the past three months, taking the total to about $2.062 billion.

Sidi explained that the move is further confirmation of the CBN’s resolve to eliminate the backlog of pending matured foreign exchange in banks as well as dousing pressure on the exchange rate.

She said, “This underscores the CBN’s commitment to the resolution of pending obligations and a functional foreign exchange market.”

By the latest intervention, the central bank hopes to provide a considerable boost to the naira against other major world currencies as well as increase investors’ confidence in the economy.

The payment of the forex Backlogs to  foreign airlines is expected to reduce the current pressure on the Nigerian Naira against the  dollar and other international currencies.

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