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CBN Injects $61.64 Million To Boost Naira, Supports Foreign Airlines
With the aim of alleviating the current pressure on the country’s exchange rate.
Abuja, Nigeria– In a bid to strengthen the Naira and provide support to foreign airlines operating in Nigeria, the Central Bank of Nigeria (CBN) has injected approximately US $61.64 million into the sector.
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 delayed forex access.
He said, in the past three months alone, the Apex Bank has redeemed a staggering US$2 billion in outstanding forward liabilities.
According to Ali, the measure is expected to have a ripple effect by alleviating the current pressure on the Naira’s exchange rate, as well as enable a considerable strengthening of the Naira against major world currencies as a result of the CBN’s intervention.
“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 Nigeria economy.”
