Nigeria Airlines' Relief as CBN Clears $64.44M Forex Backlog, Yet Long Road Ahead

The Central Bank of Nigeria (CBN) has fulfilled its promise by disbursing $64.44 million, marking the latest step in addressing the extensive backlog of foreign exchange owed to airlines.

This disbursement brings the total verified amount paid to airlines to $136.73 million, constituting a full settlement of verified forex claims in the aviation sector. However, this payment accounts for only 17% of the staggering $800 million owed to airlines. Mrs. Hakama Sidi Ali, the CBN's Acting Director of Corporate Communications, emphasized the commitment of Governor Olayemi Cardoso and his team to clear outstanding obligations across various sectors.

Despite this progress, challenges persist, with foreign airlines expressing dissatisfaction over the initial $61 million payment made by the federal government. The CBN is conducting an independent forensic review to address infractions, abuse, and non-compliance with market regulations, with potential sanctions on the horizon.

The story unfolds against a backdrop of efforts to restore confidence in the Nigerian foreign exchange market and calls for collaborative efforts to ensure a robust and liquid forex market.