CBN Pays $61.6m Of Trapped Airlines Funds, Brings Total Settled Backlog To $2bn

As part of its efforts over the last three months to redeem outstanding forward liabilities to foreign airlines, the Central Bank of Nigeria (CBN) has disbursed about $61.64 million to the airlines through various banks.

Acting Director, Corporate Communications Department of the bank, Ms. Hakama Sidi Ali, on Sunday, said the forex settlement brings to $2 billion the total backlog cleared in three months.

Ali said the bank’s action underscores its commitment to the resolution of pending obligations while alleviating the current pressure on the country’s foreign exchange and the Naira.

She expressed the hope that the apex bank’s action would give boost to the Naira against other currencies and further increase investor confidence in the Nigeria economy.

There had been concerns globally about Nigeria’s status as the country with the highest amount of foreign airlines’ trapped funds, which accrued from ticket revenue.