CBN pays off final $64m tranche of airline backlog

The Central Bank of Nigeria (CBN) has announced the completion of settlement of foreign exchange (FX) owed to all foreign airlines operating in the country.

The apex bank said the final tranche of $64.44 million brings the total disbursements to airlines to $136.73 million, thereby clearing all verified claims within the sector.

This was confirmed by the Acting Director of Corporate Communications of the CBN, Mrs Hakama Sidi Ali, stating that the “The Central Bank of Nigeria, fulfilling its pledge to clear the backlog of foreign exchange owed foreign airlines in the country, has concluded the payment of all verified claims by airlines with an additional $64.44 million to the concerned airlines.

CBN Governor, Mr. Olayemi Cardoso at the National Assembly on Tuesday, September 26, 2023.
photo credit: CBN

Mrs. Sidi Ali emphasized that the CBN Governor Olayemi Cardoso and his team are “doubly committed” to clearing the entire backlog and restoring confidence in the market. The airline sector payment signifies a major step towards achieving the goal.

Written by Boom RadioNG