The Central Bank of Nigeria (CBN) says it has concluded the payment of all verified foreign exchange (FX) claims by airlines with an additional $64.44 million to the concerned foreign aviation firms.

Hakama Sidi-Ali, CBN’s acting director of corporate communications, disclosed this 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, stressing that all the verified airline claims have now been cleared.

According to Sidi-Ali, Olayemi Cardoso, the CBN governor, and his team are committed and would stop at nothing to ensure that the verified backlog of payments across all other sectors are cleared and confidence restored in the Nigerian FX market.

She also assured that the CBN is working with stakeholders to ensure liquidity improves within the forex market, thereby reducing pressure on the naira — Nigeria’s local currency.

While expressing optimism that the market would respond positively with the latest injection of over $64 million, she admonished actors in the FX market to guard against speculation as such actions could hurt the naira.

Siri-Ali, therefore, urged the public to support the reforms in the FX market, adding that the CBN would continue to promote orderliness and professional conduct by all participants in the to ensure market forces determine exchange rates.

Ibrahimcoomasie:
Our problem with debt is connected with our subsidy spending and issues with FX liquidity. The decision to liberalize the FX market is a step in the right direction, Nigeria cannot afford to defend the Naira like we have done in the past. We should see the stability of the Naira by the middle of the year.

Patience is needed as the naira find it's level.

- Sam Abu, Country Senior Partner, PwC Nigeria,


https://www.youtube.com/watch?v=wIoV6gKH1GA?si=CxbeQbD-cOsnJOiA

Is this Financial Analyst from PwC making any sense?

Madeade:
Gradually things will be better....

We shall get out of this dark clouds soon...
Amin🙏

matify83:
This is the least of our problems as things stand.

They should do something practical about our dwindling purchasing power and naira devaluation.

Ironbull:
Those enemy of progress the genetically confused gangsters called obidients won't see all these now infact they won't come here but let the news of a cow hit a man in the market and the man injured comes up then they will be here like pooh flies saying Nigeria is zoo, sell Nigeria, Nigeria is dead, the Fed govt is the worst blabla blublu shit.

Thanks to the CBN keep job floating...

matify83:
This is the least of our problems as things stand.

They should do something practical about our dwindling purchasing power and naira devaluation.