The Central Bank of Nigeria (CBN) has announced that it has disbursed a total of $61.64 million to foreign airlines through various Deposit Money Banks (DMBs). This disbursement is said to be in fulfillment of the CBN’s commitment to eliminate the backlog of pending matured foreign exchange in the DMBs.
In a statement issued by the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, CBN emphasized its determination to resolve the longstanding issue of pending payments and ensure that foreign airlines are able to access their funds without further delay. The disbursement process is part of the bank’s efforts to boost confidence and attract more foreign investments into the country’s aviation sector.
Under the current economic challenges faced by Nigeria, the CBN has been working tirelessly to stabilize the foreign exchange market and address currency imbalances. The disbursement of funds to foreign airlines is seen as a step towards building trust and confidence in the Nigerian economy. By settling the matured foreign exchange backlog, the CBN aims to encourage foreign airlines to continue their operations in Nigeria and contribute to the growth of the aviation industry.
The statement further emphasized that the disbursement of funds was done in accordance with the foreign exchange regulations, and the Central Bank would continue to monitor the situation closely to ensure that all pending payments are resolved promptly. It also urged foreign airlines and other stakeholders in the aviation sector to cooperate fully and comply with the necessary regulations to facilitate a smooth disbursement process.
The CBN’s efforts to eliminate the backlog of pending matured foreign exchange are set to have a positive impact on the overall economy, as it would foster confidence not only in the aviation sector but also in other sectors that rely on foreign exchange transactions. It is expected that this move will pave the way for increased foreign investments and ultimately contribute to the country’s economic growth and development.
Foreign airlines operating in Nigeria have expressed their satisfaction with the CBN’s swift action to settle the pending matured foreign exchange. They have also commended the bank for its commitment to resolving the issue and for taking measures to ensure the smooth functioning of the foreign exchange market.
the CBN’s disbursement of $61.64 million to foreign airlines is a significant step towards eliminating the backlog of pending matured foreign exchange. This move demonstrates the bank’s dedication to stabilizing the foreign exchange market and attracting more investments into Nigeria’s aviation sector. With the successful resolution of the pending payments, it is hoped that foreign airlines will now be able to focus on their operations and contribute to the growth of the sector.
