Hakama Sidi Ali, the acting director of corporate communications at the apex bank, disclosed this information in a statement on Sunday, Reuters reported.

Despite these efforts, forex shortages persist, impacting the value of Nigeria’s naira currency. With about $7 billion in matured forex forwards, a source of concern for investors, the CBN has committed to making payments to instil confidence in the foreign exchange market.

What the CBN spokesperson said:

“In the past three months, the CBN has also redeemed outstanding forward liabilities amounting to almost USD 2 billion,” Ali said.

“This underscores the Bank’s commitment to the resolution of pending obligations and a functional foreign exchange market.”

Ali mentioned that the CBN has disbursed $61.64 million to foreign airlines, which were owed money for tickets sold in the local currency, but faced challenges repatriating their funds from Nigeria.

As of November, the outstanding debt to foreign airlines exceeded $700 million.

“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,” Ali said.

Source: Business Insider