HomeNewsCBN Releases $61.64m Airlines' Trapped Funds

CBN Releases $61.64m Airlines’ Trapped Funds

The Central Bank of Nigeria (CBN) has released some $61.64 million to foreign airlines operating within the country in a move aimed at clearing the backlog of trapped forex funds in the industry as well as boost the Naira’s value.

Industry watchers said releasing that much dollar would not only clear some backlog of matured foreign exchange obligations owed to the airlines, but assist the Naira perform better against major world currencies in the forex market.

Acting Director of CBN’s Corporate Communications Department, Mrs. Hakama Sidi Ali confirmed this development on Sunday.

Hakama Sidi-Ali 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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