CBN Clears Verified FX Claims: Airlines Receive $64.44 Million Payout

The Central Bank of Nigeria (CBN) has completed the payment of all verified foreign exchange (FX) claims owed to airlines.

The latest disbursement, totaling $64.44 million, marks a milestone in the resolution of outstanding financial obligations within the aviation sector.

Hakama Sidi-Ali, the acting director of corporate communications at the CBN, confirmed the successful payment on Tuesday.

With this recent allocation, the total sum disbursed to the aviation industry now stands at $136.73 million, effectively settling all verified claims within the sector.

The proactive stance of the CBN reflects its commitment, under the leadership of Governor Olayemi Cardoso, to address the backlog of payments across various sectors and restore stability to the Nigerian FX market.

Sidi-Ali emphasized the central bank’s dedication to enhancing liquidity within the forex market to alleviate pressure on the domestic currency, the naira.

While acknowledging the positive impact of the recent injection of funds, Sidi-Ali cautioned against speculative activities that could undermine the stability of the naira.

She urged market participants to adhere to professional conduct and support the ongoing reforms in the FX market, emphasizing the importance of market-driven exchange rate mechanisms.

The CBN’s resolution of verified FX claims not only enhances confidence in Nigeria’s financial system but also underscores its commitment to fostering a conducive environment for economic growth and stability.

The successful disbursement to airlines signals a positive trajectory in the management of foreign exchange transactions and reflects the CBN’s proactive approach to addressing industry challenges.