The Central Bank of Nigeria (CBN) has infused approximately US $61.64 million into the accounts of foreign airlines operating in the country, with the aim of bolstering the value of the Naira.
This strategic release of dollars is geared towards addressing a significant portion of the accumulated foreign exchange obligations owed to the airlines, signifying a substantial move to stabilize the nation’s forex market and instill confidence among investors.
Mrs. Hakama Sidi Ali, the Acting Director of CBN’s Corporate Communications Department, confirmed this positive development on Sunday, labeling it as a much-needed relief for foreign airlines grappling with delayed access to forex.
In the past three months alone, the CBN has successfully fulfilled an impressive US$2 billion in outstanding forward liabilities, showcasing a proactive approach to tackle forex challenges in the country.
The measure is expected to have a ripple effect by alleviating the current pressure on the Naira’s exchange rate, as well as enable a considerable strengthening of the Naira against major world currencies as a result of the CBN’s intervention.
According to Hakama Sidi-Ali, “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 Nigeria economy.”he addressed