CBN Pays Additional $64.44m Verified Forex Claims By Airlines

The Central Bank of Nigeria (CBN) has disclosed that it has concluded payment of all verified claims by airlines with an additional $64.44m to the concerned airlines.

The CBN said the payment was part of fulfilment of its pledge to clear the backlog of foreign exchange owed foreign airlines in the country.

The Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi Ali, confirmed this in a statement on Tuesday.

CBN’s forward contract obligations to banks stood at $7bn, according to reports.

The delay in the debt repayment have been blamed to be responsible for the current volatility in the forex market, a situation that has led to the falling value of the naira against the US dollar.

The CBN earlier paid $2 billion to clear a part of its backlog of matured foreign exchange obligations to the Deposit Money Banks.

Foreign airlines in Nigeria have struggled with the challenge of repatriating their ticket sales in foreign exchange.

The situation has resulted in a substantial backlog, reaching billions of dollars.
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