In a move to address delayed forex access for foreign airlines operating in Nigeria, the Central Bank of Nigeria (CBN) has infused approximately US $61.64 million into their operations.

The targeted release of dollars is aimed at resolving a portion of the backlog of matured foreign exchange obligations owed to these airlines.

This strategic intervention is seen as a crucial step towards stabilizing the country’s forex market and fostering investor confidence.

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Mrs. Hakama Sidi Ali, the Acting Director of CBN’s Corporate Communications Department, confirmed this development on Sunday, describing it as a welcome relief for foreign airlines grappling with prolonged forex access issues.

Over the past three months, the CBN has successfully redeemed an impressive US $2 billion in outstanding forward liabilities.

The impact of this measure is anticipated to extend beyond the immediate alleviation of pressure on the Naira’s exchange rate.

It is expected to result in a considerable strengthening of the Naira against major world currencies, showcasing the positive effects of CBN’s proactive intervention.

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Hakama Sidi-Ali emphasized, “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 Nigerian economy.”