FX Backlog: CBN completes payment of all verified claims by Airlines


The Central Bank of Nigeria (CBN), in keeping with its promise to remove the backlog of foreign exchange due to foreign airlines in the country, has completed the payment of all verified claims by airlines, including an additional $64.44 million to the affected airlines.

Mrs Hakama Sidi Ali, the CBN’s Acting Director of Corporate Communications, confirmed the data on Tuesday, January 30, 2024, stating that the latest sum paid to the airlines raised the total verified amount paid to that sector to $136.73 million.

She said that all verifiable airline claims had been resolved.

According to her, the Governor, Olayemi Cardoso, and his team were doubly committed and would stop at nothing to ensure that the verified backlog of payments across all other sectors was cleared and confidence was restored in the Nigerian foreign exchange market.

Furthermore, she assured that the CBN was working with stakeholders to ensure liquidity improves within the forex market, thereby reducing pressure on the Naira.

While expressing optimism that the market would respond positively with the latest injection of over $64 million, she admonished actors in the foreign exchange market to guard against speculation as such actions could hurt the Naira.

Sidi Ali, therefore, urged the public to support the reforms in the foreign exchange market, adding that the CBN would continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure market forces determine exchange rates.