ABUJA, Nigeria – The Central Bank of Nigeria, CBN, has achieved a significant milestone in its financial operations by completely settling the foreign exchange (FX) obligations owed to all foreign airlines operating in Nigeria.
Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN, announced this development.
On Tuesday, January 30, 2024, Ali revealed that the Central Bank made a final tranche payment of $64.44 million, cumulatively bringing the total disbursements to $136.73 million.
This substantial payment marks the clearance of all verified claims within the aviation sector.
“The Central Bank of Nigeria, fulfilling its pledge to clear the backlog of foreign exchange owed to foreign airlines in the country, has concluded the payment of all verified claims by airlines with an additional $64.44 million to the concerned airlines,” Ali stated.
This move by the CBN, spearheaded by the governor, Olayemi Cardoso and his team, demonstrates a strong commitment to clearing the entire backlog and restoring confidence in the Nigerian market.
The successful settlement of these FX obligations is a significant step towards bolstering the relationship between the Nigerian aviation sector and foreign airline operators.
