Business
IN fulfilment of its commitment to eliminate the backlog of pending matured foreign exchange in Deposit Money Banks, DMBs, the Central Bank of Nigeria (CBN) has recently disbursed approximately US $61.64 million to foreign airlines through various banks.
This initiative is part of the CBN’s efforts to decrease its remaining liability to the airlines.
Hakama Sidi Ali, acting director of the Corporate Communications Department at the CBN, confirm this in Abuja on Friday, January 5.
Sidi Ali further disclosed that, in the past three months, the CBN has also redeemed outstanding forward liabilities amounting to almost USD 2 billion. This underscores the bank’s commitment to the resolution of pending obligations and a functional foreign exchange market, she said.
According to her, 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.
T.
-January 8, 2024 @ 7:23 GMT|
Tags: Hakama Sidi Ali
