The CBN announced on Tuesday that it had settled all
verified claims by foreign airlines, disbursing an additional $64.44 million.
This brings the total amount paid to the aviation sector to
$136.73 million, with the CBN confirming the clearance of all verified airline
claims.
In a statement titled “FX Backlog: CBN Concludes Payment of
All Verified Claims By Airlines” and issued by the CBN Acting Director of
Corporate Communications, Hakama Sidi Ali, the apex bank announced, “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.”
The statement emphasised the unwavering commitment of CBN
Governor Olayemi Cardoso and his team to clear the verified backlog of payments
across all sectors, restoring confidence in the Nigerian foreign exchange
market.
Additionally, Sidi Ali assured Nigerians of CBN’s efforts to
improve liquidity in the forex market, alleviating pressure on the naira.
However, the International Air Transport Association
welcomed the latest $64.44 million payment but highlighted that approximately
$700 million remained unpaid, urging further action.
In a statement, the Geneva-Switzerland-based body
representing global airlines said, “IATA welcomes the Central Bank of Nigeria’s
announcement this afternoon that it has released an additional $64.44 million
in blocked airline funds. While this development is encouraging, it’s crucial
to recognise that approximately $ 700 million remains blocked with Nigeria’s
commercial banks.
“As such, there’s a considerable journey ahead in fully
addressing the issue. This is exacerbated by the devaluation of the Nigerian
naira, which has dropped significantly against the dollar. Airlines should not
be unfairly penalised by the lower exchange rate.
“We will continue to monitor the situation closely and work
with the government to ensure that the environment remains conducive to
ensuring Nigeria’s connectivity to international markets.”
The Nigerian naira hit an unprecedented low against the US
dollar, plummeting to N1,400/dollar, according to FMDQ Exchange data on Monday.
Over the past three months, the Central Bank of Nigeria
(CBN) has cleared $2.5 billion in overdue foreign exchange debts.
In further efforts, the CBN released $500 million to various
sectors to address verified foreign exchange transactions.
The CBN calls for public support for forex market reforms to
maintain orderly and professional conduct in determining exchange rates.