FX backlog: CBN pays additional $64.44m

The Central Bank of Nigeria (CBN), in 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.

Confirming the figures on Tuesday, the acting Director of Corporate Communications at the CBN, Mrs Hakama Sidi-Ali, noted that the latest amount paid to the airlines brought the total verified amount paid to that sector to $136.73 million.

She added that all the verified airline claims have now been cleared.

According to her, the CBN 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.

Sidi-Ali further assured that the CBN was working with stakeholders to ensure liquidity improvement 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, Sidi-Ali admonished actors in the foreign exchange market to guard against speculation as such actions could hurt the naira.

Sidi-Ali, therefore, urged 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 participants in the Nigerian foreign exchange market to ensure market forces determine exchange rates.