CBN Eases Forex Pressure: Disburses $61.64m to Foreign Airlines, Boosting Investor Confidence

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The Central Bank of Nigeria has sent $61.64 million to foreign airlines in Nigeria, clearing forex obligations and stabilizing the market. This move signals commitment to resolving pending obligations and fostering a functional foreign exchange market.

According to Mrs. Hakama Sidi Ali, the Acting Director of CBN’s Corporate Communications Department, this payment provides relief to airlines facing delayed forex access.

As part of its broader commitment, the CBN has redeemed $2 billion in outstanding forward liabilities in the past three months alone. This dedication aims to ease Naira pressure, positively impacting exchange rates and fostering economic growth.

Mrs. Ali emphasizes that beyond airlines, the CBN’s commitment extends to settling all outstanding valid forward transactions. The goal is to alleviate the pressure on the country’s exchange rate, thereby boosting investor confidence in the Nigerian economy.

The CBN believes that these measures will strengthen the Naira against major world currencies, creating a favorable environment for increased investment and economic growth.

In summary, the CBN’s proactive efforts aim to enhance the forex market, alleviate pressure on the Naira, and foster economic growth by boosting investor confidence.

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