The Central Bank of Nigeria (CBN) has announced that it concluded payment of all verified claims by airlines, injecting an additional $64.44 million into the aviation sector.
This development brings the total sum disbursed to foreign aviation firms to $136.73 million, according to Hakama Sidi-Ali, the acting director of corporate communications at the CBN.
Sidi-Ali made the disclosure on Tuesday, emphasizing the commitment of Olayemi Cardoso, the CBN governor, and his team to clearing the backlog of verified payments across various sectors. The move is aimed at restoring confidence in the Nigerian foreign exchange (FX) market.
The CBN spokesperson assured stakeholders that the central bank is actively collaborating with industry players to enhance liquidity within the forex market. This, in turn, is expected to alleviate pressure on the naira, the local currency of Nigeria.
Expressing optimism about the positive response of the market to the latest injection of over $64 million, Sidi-Ali urged caution against speculative activities, emphasizing that such actions could have adverse effects on the stability of the naira.
In conclusion, Sidi-Ali called on the public to support the ongoing reforms in the FX market.
She affirmed the CBN’s commitment to promoting orderliness and professional conduct among market participants, ensuring that market forces play a determining role in shaping exchange rates.
