CBN clears payment of forex backlog for foreign airlines

As the naira continues its free fall, the Central Bank of Nigeria, CBN, has said it has finalised the payment of all verified forex backlog owed foreign airlines with the release of an additional $64.44 million.

Hakama Sidi-Ali, CBN’s acting director of corporate communications made this known on Tuesday.

Sidi-Ali said the latest amount paid to the airlines brought the total verified sum disbursed to the sector to $136.73 million.

TMY Newspapers recalls that the apex bank released $500 million to clear the forex backlog.

The development comes barely a week after the banker’s bank injected approximately $2 billion to settle outstanding commitments across the manufacturing, aviation, and petroleum sectors.

In December last year, the International Air Transport Association threatened to expel Nigeria over the $790 million trapped fund.

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