Home Business Why CBN settled additional FX Forwards with banks
BusinessNews

Why CBN settled additional FX Forwards with banks

Share
CBN logo
Share

By Chioma Obinagwam

In fulfilment of its commitment to eliminate the backlog of pending matured foreign exchange in Deposit Money Banks (DMBs), the Central Bank of Nigeria (CBN) has recently disbursed approximately US $61.64 million to foreign airlines through various banks. This initiative is part of the CBN’s efforts to decrease its remaining liability to the airlines.

 

The apex bank told Confiance News in a statement on Sunday.

 

This information was confirmed by the Acting Director of the Corporate Communications Department at the CBN, Mrs. Hakama Sidi Ali, in Abuja on Friday, January 5, 2024.

 

Mrs. Sidi Ali further disclosed that, in the past three months, the CBN has also redeemed outstanding forward liabilities amounting to almost USD 2 billion. This underscores the Bank’s commitment to the resolution of pending obligations and a functional foreign exchange market.

 

According to her, 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.

 

Please follow and like us:
Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Start your career with NNPC Limited

Start your career with NNPC Limited
Start your career with NNPC Limited

Member

Don't Miss

NEMA, NCC chart course on developing National Emergency Telecoms Response Plan (Photos)

By Chioma Obinagwam The Director-General of the National Emergency Management Agency (NEMA), Zubaida Umar, paid a courtesy visit to the Chief Executive Officer...

House Committee on Insurance, stakeholders meet to strengthen NDIC’s mandate for economic stability (Photos)

By Chioma Obinagwam The Chairman, House Committee on Insurance and Actuarial Matters, Hon. Ahmadu Jaha and stakeholders in the insurance and actuarial sector...

Related Articles

NEMA, NCC chart course on developing National Emergency Telecoms Response Plan (Photos)

By Chioma Obinagwam The Director-General of the National Emergency Management Agency (NEMA),...

House Committee on Insurance, stakeholders meet to strengthen NDIC’s mandate for economic stability (Photos)

By Chioma Obinagwam The Chairman, House Committee on Insurance and Actuarial Matters,...

Seplat Energy grows revenue to ₦1.23trn in Q1,2025

By Chioma Obinagwam Leading Nigerian independent energy Company listed on both the...

Meet Jesus Christ: The Professional Turner

By Chioma Obinagwam When you gather all the ingredients needed for baking,...