THE Central Bank of Nigeria (CBN) has confirmed the conclusion of the verified backlog owed foreign airlines with an additional $64.44 million release.
The CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali, in a statement on Tuesday, January 30, affirmed that the CBN governor Olayemi Cardoso and his team were determined to tackle outstanding forex obligations across other sectors.
The latest disbursement brings the total verified amount paid to airlines to $136.73 million.
Ali added that the CBN aimed for a robust and liquid forex market, warning participants against manipulative activities that could harm the naira.
She, therefore, called for collaborative efforts and adherence to regulations to ensure market forces rightfully determine exchange rates.
Part of the statement reads, “The Governor, Olayemi Cardoso, and his team were doubly committed and would stop at nothing to ensure that the verified backlog of payments across all other sectors was cleared, and confidence was restored in the Nigerian foreign exchange market.”
“Furthermore, she assured that the CBN was working with stakeholders to ensure liquidity improves within the forex market, thereby reducing pressure on the naira.
“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.”
She further called on the public to support the reforms in the foreign exchange market, adding that the CBN would continue to promote orderliness and professional conduct by all Nigerian Foreign Exchange Market participants to ensure market forces determine exchange rates.
