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  • Business - Banking & Finance
  • Updated: February 04, 2024

FX backlog: CBN not responsible for remaining $600 million – Keyamo

FX backlog: CBN not responsible for remaining $600 million �

The Minister of Aviation and Aerospace, Festus Keyamo, in a recent development regarding the foreign exchange backlog in Nigeria, clarified the current situation of trapped funds belonging to foreign airlines, saying that approximately $600 million is still held up in commercial banks, differentiating this from the Central Bank of Nigeria’s (CBN) direct obligations. 

According to him, the original debt to foreign airlines is about $700 million, of which the CBN has successfully cleared $136.73 million. The remaining balance, he noted, pertains to transactions foreign airlines conducted with commercial banks. 

He said: “It is the naira component deposited at the commercial banks that the banks have not been able to pay them the dollar equivalent, not the CBN.” 

During his address at the 10th Annual Aviation Workers Week and Award Night in Abuja, Keyamo highlighted the government’s commitment to fulfilling its financial obligations to foreign investors. He underscored that the CBN had met its commitments from forex auctions conducted in the past few years. 

He said: “The ones for the CBN are the ones they promised to pay during the normal weekly auction they did two to three years ago up to this year. 

“The CBN has been able to fulfil that obligation to foreign investors. Government has shown its capacity to fulfil its dollar obligation to foreign investors.”

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