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 All Airlines Foreign Exchange Debts Cleared by CBN

The Nigerian Central Bank has successfully paid off the foreign exchange debts owed to international airlines operating within Nigeria. This final payment of $64.44 million brought the total amount disbursed to $136.73 million, settling all confirmed debts in the industry.

Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN, made this announcement on January 30. She highlighted the commitment of CBN's Governor, Olayemi Cardoso, and his team to eliminate the backlog and restore market confidence.

Mrs. Sidi Ali further emphasized the need for public support in the CBN's efforts to reform the foreign exchange market.

She stressed the importance of orderly and professional conduct in the market, advocating for a system where market dynamics naturally set exchange rates, leading to a more stable and efficient framework

In a statement, Mrs. Sidi Ali reiterated the CBN's fulfillment of its promise to clear the foreign exchange arrears, noting the optimism that the market would react favorably to the recent injection of over $64 million.


She cautioned market participants against speculative activities that could negatively impact the Naira's value.




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