The Central Bank of Nigeria CBN has announced the disbursement of $61.64 million to foreign airlines through various Deposit Money Banks.
Also, the Apex Bank, in the last three months, has successfully redeemed outstanding forward liabilities amounting to nearly $2 billion.
This was disclosed by President Bola Ahmed Tinubu Media Centre on Monday.
According to President to the Media Centre ,the initiative is part of the CBN’s ongoing efforts to reduce its outstandisng liability to the airlines.
The regular remittance of revenue to foreign airlines may reduce the high fares charged by the airlines to travellers.
Before the Tinubu administration came on board, foreign airlines were confronted with the challenges of piling up of their earnings at the CBN. But in order to continue with their business in the country, they resorted to the parallel market to change currency and make profit and by so doing, make travellers to pay heavily on tickets.
