Business

CBN Pays $64m Owed by Airlines

Central Bank of Nigeria (CBN) has cleared additional $64 million FX backlog owed by Airlines int he country.

This was disclosed by CBN spokesperson Hakama Sidi Ali who revealed that the sum brought the total payments to $136.73 million.

Foreign airlines were owed more than $700 million at the end of November.

“The Governor, 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,” Ali said in a statement, reported by Reuters.

About $2.5 billion of the backlog across manufacturing, aviation and petroleum sectors has been paid by the CBN.
The country’s monetary authorities are surely making efforts to arrest the slide of our national currency.

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