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

Posted on January 8, 2024

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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

The highly anticipated animated series, Iwájú is set to air on DStv Disney Channel... Continue
Coca Cola, Pepsi, American Cola and all other popular brands in the soft drink... Continue
BY FEMI ONAKANREN Recently, the media space has been agog with different plausible explanations... Continue
The Anambra Internal Revenue Service in conjunction with the Chartered Institute of Taxation of... Continue
ADEDAMOLA KOLEDOYE  Democracy is defined as the government of the people, by the people,... Continue
In what could be described as a shock and dramatic turn out of events,... Continue
MICHAEL AKINOLA    A 42-year old man, Mordi Collins, who allegedly posed as a... Continue
CHRISTIAN ABURIME      “Carve your name on hearts, not tombstones.” – Shannon Alder... Continue
Tension may heighten within the ruling All Progressives Congress, APC, concerning the constitution of... Continue
10 key points from the Central Bank Governor, Dr Yemi Cardoso’s interaction on the... Continue

UBA


Access Bank

Twitter

Sponsored