CBN Injects $61.64M Into Airlines To Boost Naira Valuation

The Central Bank of Nigeria (CBN) has injected a staggering $61.64 million into the hands of foreign airlines operating in the country, a move intended to boost Naira valuation.

The Acting Director of CBN’s Corporate Communications Department, Mrs. Hakama Sidi Ali confirmed this development on Sunday, described it as a welcome relief to foreign airlines struggling with delayed forex access.

She revealed for the past three months alone, the Apex Bank has redeemed a staggering US$2 billion in outstanding forward liabilities.

She said:

“These payments signify the CBN’s ongoing efforts to settle all remaining valid forward transactions, with the aim of alleviating the current pressure on the country’s exchange rate.
“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.”

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