The Central Bank of Nigeria (CBN) says it has redeemed outstanding forward liabilities amounting to almost $2 billion.
It also disbursed approximately $61.64 million to foreign airlines through various banks, as efforts to decrease its remaining liability to the airlines.
A statement by the Acting Director of the Corporate Communications Department at the CBN, Mrs. Hakama Ali, in Abuja on Sunday, said, it was in fulfillment of its commitment to eliminate the backlog of pending matured foreign exchange in Deposit Money Banks (DMBs),
The apex bank said the move underscores the Bank’s commitment to the resolution of pending obligations and a functional foreign exchange market.
According to her, these payments signify the CBN’s ongoing efforts to settle all remaining valid forward transactions, with the aim of alleviating the current pressure on the country’s exchange rate.
It is anticipated that this initiative by the CBN should provide a considerable boost to the Naira against other major world currencies and further increase investor confidence in the Nigerian economy.
Recall that funds of Emirates Airline, Lufthansa, British Airways, Ethiopian Airlines, Qatar Airways, and Air France, among others had been trapped in Nigeria.
