Nigeria’s Central Bank Completes Payment Of ‘All Verified FX Claims’ Due To Airlines

In the same vein, the Central Bank of Nigeria (CBN), on Tuesday announced the payment of an additional $66.44 million to all verified foreign exchange claims by airlines.

Furthermore, the CBN noted that the disbursement to the airlines effectively brought to conclusion all outstanding verified settlements to the concerned aviation operators.

In a statement, CBN acting Director, Corporate Communications Department, Mrs. Hakama Sidi- Ali, added that the payments were in fulfillment of its pledge to clear the backlog of FX owed foreign airlines in the country.

She disclosed that the latest amount paid to the airlines brought the central bank’s total verified disbursements to $136.73 million in the sector.

She said, “All the verified airline claims have now been cleared.”

Sidi-Ali pointed out that the CBN Governor, Mr. 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.

This, she said, was intended to ensure that confidence was restored in the Nigerian foreign exchange market, adding that CBN was working with stakeholders to ensure liquidity improves within the forex market to douse the current pressure on the Naira.

Sidi-Ali further expressed optimism that the market would favourably respond to the latest injection of over $64 million as she called on actors in the FX market to guard against speculation as such actions could hurt the local currency.

The apex bank, therefore, urged the public to support the current market reforms, adding that the bank would continue to promote orderliness and professional conduct by all participants to ensure market forces determine exchange rates.

Earlier this month, the apex banking industry regulatory body announced it disbursed about $61.64 million to foreign airlines through various Deposit Money Banks (DMBs).

Meanwhile, the central bank’s recent policy initiative to decongest the head office by relocating over 1,500 staff members from Abuja to Lagos has reportedly taken effect.

Notwithstanding the initial protest and controversy that greeted the policy directive, THISDAY learnt that the staff of the affected departments penciled down for relocation would start resuming work in Lagos from Friday.

CBN sources told THISDAY that the resumption of staff to their new locations would be determined by the dates reflected on their respective letters of relocation.

The apex bank, through an internal memo, had notified all staff of its plan to relocate some of its departments from the head office in Abuja to Lagos State.

The bank said the decongestion plan was to optimise the operational environment in the bank and ensure compliance with building safety standards as well as enhance the efficient utilisation of office space.

Specifically, the central bank in the memo, further explained that the action was necessitated by several factors, including the need to align the bank’s structure with its functions and objectives, redistribute skills to ensure a more even geographical spread of talent, and comply with building regulations, as indicated by repeated warnings from the facility manager, and the findings and recommendations of the Committee on Decongestion of the CBN Head Office Building.

 Ndubuisi Francis, James Emejo, Chinedu Eze and Nume Ekeghe

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