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The Central Bank of Nigeria (CBN) has successfully disbursed $61.64 million to foreign airlines through various banks in a move to address the backlog of pending matured foreign exchange in Deposit Money Banks (DMBs).
The Acting Director of Corporate Communications at CBN, Mrs. Hakama Sidi Ali, clarified in a statement released in Abuja yesterday that this initiative is part of the central bank's commitment to eliminating outstanding liabilities to the airlines.
Mrs. Sidi Ali emphasized that the disbursement is a strategic effort by the CBN to decrease its remaining liability to the airlines. Over the past three months, the CBN has also redeemed outstanding forward liabilities, amounting to nearly $2 billion, showcasing the bank's dedication to resolving pending obligations and maintaining a functional foreign exchange market.
“This underscores the Bank’s commitment to the resolution of pending obligations and a functional foreign exchange market,” she stated.
Mrs. Sidi Ali highlighted that these payments are indicative of the CBN's ongoing efforts to settle all remaining valid forward transactions.
The Central Bank of Nigeria (CBN) has taken decisive and proactive measures aimed at stabilizing the forex market. It's primary objective revolves around addressing the mounting pressure on the national currency, reflecting a strategic commitment to maintaining economic stability.
As the country navigates through economic dynamics, the central bank's proactive stance in stabilizing the forex market plays a pivotal role in fostering confidence and resilience within the financial landscape.
