The Central Bank of Nigeria (CBN) has officially announced the complete settlement of foreign exchange (FX) obligations owed to all foreign airlines operating within the country. The Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi Ali, revealed on Tuesday, January 30, that the final tranche of $64.44 million has been disbursed, bringing the total payments to airlines to $136.73 million. This action effectively clears all verified claims within the aviation sector.
Mrs. Ali emphasized that CBN Governor Olayemi Cardoso and his team are “doubly committed” to eliminating the entire backlog and reinstating confidence in the market. She further called for public support for the CBN’s foreign exchange market reforms to ensure long-term stability. Mrs. Sidi Ali urged Nigerians to endorse these efforts, highlighting the CBN’s dedication to promoting orderliness and professional conduct. This approach, she explained, aims to allow market forces to naturally determine exchange rates, fostering a more sustainable and efficient system.
The statement from the CBN read, “The Central Bank of Nigeria, fulfilling its pledge to clear the backlog of foreign exchange owed foreign airlines in the country, has concluded the payment of all verified claims by airlines with an additional $64.44 million to the concerned airlines. While expressing optimism that the market would respond positively with the latest injection of over $64 million, she admonished actors in the foreign exchange market to guard against speculation as such actions could hurt the Naira.”
