The CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, confirmed this development to the Nation.
She described it as a welcome relief to foreign airlines grappling with delayed forex access.
She noted that the latest disbursement forms part of the CBN’s broader commitment to settling all outstanding valid forward transactions.
According to the Nation, the CBN’s commitment extends beyond just the airlines. In the past three months alone, the Apex Bank has redeemed a staggering US$2 billion in outstanding forward liabilities, to show its dedication to resolving pending obligations and fostering a functional foreign exchange market.
These measures are expected to have a ripple effect by alleviating the current pressure on the Naira’s exchange rate, as well as enable a considerable strengthening of the Naira against major world currencies as a result of the CBN’s intervention.
The CBN believes that this is likely to bolster investor confidence in the Nigerian economy, paving the way for increased investment and economic growth.
“It is anticipated that this initiative by the CBN should provide a considerable boost to the Naira against other major world currencies and further increase investor confidence in the Nigeria economy.”