CBN pays additional $64mln FX backlog

The Central Bank of Nigeria (CBN) has paid an additional $64.44 million of the verified foreign exchange backlog owed to airlines, increasing the total amount of paid payments to $136.73 million, according to Reuters citing people familiar with the matter.

The CBN has promised to clear the backlog of approximately $7 billion in mature foreign exchange forwards, which is a major source of concern for investors as foreign currency shortages continue to pressure the value of the naira.

About $2.5 billion of the backlog has been settled in industries like manufacturing, aviation, and petroleum.

A spokesman for the CBN, Hakama Sidi Ali, stated that all confirmed claims made by airlines that sold tickets in local naira currency but were unable to withdraw their money had been resolved.

“The Governor, Olayemi Cardoso, and his team were doubly committed and would stop at nothing to ensure that the verified backlog of payments across all other sectors was cleared and confidence was restored in the Nigerian foreign exchange market,” Ali said in a statement.

At the end of November, foreign airlines owed more than $700 million.