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Relief as CBN clears payment of verified FX claims by airlines

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The Central Bank of Nigeria (CBN), said it had fulfilled its pledge to clear the backlog of foreign exchange owed foreign airlines in the country.

The apex bank said it did this by paying all verified claims with an additional $64.44 million to the concerned airlines.

Confirming the figures on Tuesday, the Acting Director of Corporate Communications at the CBN, Hakama Sidi Ali, noted that the latest amount paid to the airlines brought the total verified amount paid to that sector to $136.73 million.

Ali said that all the verified airline claims had now been cleared.

She stated that the Governor of the CBN, 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 the public that the CBN was working with stakeholders to ensure liquidity improved within the forex market, thereby reducing pressure on the Naira.

She expressed optimism that the market would respond positively with the latest injection of over $64 million

Ali advised actors in the foreign exchange market to guard against speculation as such could hurt the Naira.

She, 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.

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