In the face of the Naira's alarming descent, the Central Bank of Nigeria (CBN) has taken decisive action by announcing the successful clearance of all verified forex backlog owed to foreign airlines, injecting a lifeline of $64.44 million into the beleaguered sector.


Hakama Sidi-Ali, the Acting Director of Corporate Communications at the CBN, revealed this significant development on a pivotal Tuesday.


Sidi-Ali disclosed that the recent disbursement marked the conclusion of the payment process, bringing the total verified sum released to foreign airlines to an impressive $136.73 million.


This latest injection of funds comes on the heels of the apex bank's prior release of $500 million aimed at eradicating the forex backlog.


The CBN's concerted efforts to address the financial challenges faced by foreign airlines underscore its commitment to stabilizing crucial sectors of the economy grappling with the impact of the Naira's decline.


Read More: https://naijaupdate.ng/cbn-clears-payment-of-forex-backlog-for-foreign-airlines-amid-naira-free-fall/

COMRADES, I'm speechless