Foreign airlines challenge CBN to show evidence of FX backlog clearance - Ripples Nigeria
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Foreign airlines challenge CBN to show evidence of FX backlog clearance



The claims by the Central Bank of Nigeria (CBN) that it has successfully cleared all outstanding foreign exchange (FX) backlogs have been disputed by foreign airlines who maintained that the status quo remains the same.

This is even as the foreign airlines challenged the apex bank to show evidence of the clearance of the FX backlogs.

Ripples Nigeria reports that Hakama Sidi Ali, acting director of corporate communications at the apex bank, on Wednesday disclosed in a statement that the apex bank had concluded the payment of $1.5 billion to settle obligations to bank customers, effectively settling the residual balance of the FX backlog.

Reacting to this claim, Kingsley Nwokeoma, President, Association of Foreign Airlines and Representatives in Nigeria, (AFARN) disclosed that as far as he was concerned, nothing had changed as regards clearing foreign airlines’ trapped funds.

READ ALSO:CBN to clear FX backlogs of remaining five banks in few days, says Cardoso

“If they say they have cleared the trapped funds, they should show us figures. They should tell us how much has been cleared. The last I checked, the status quo still remains the same.

“This statement is just like the same thing they said the last time, if they say they cleared all forex backlog, and which include the foreign airlines’ backlog, it’s easy, it’s just for them to show everyone evidence to see that the foreign airlines backlog has been paid.

“However, it’s still the same amount they paid. They paid twice and we all know that the foreign airlines are complaining that they are still owed over $700million. If they say they have cleared it, then they should be transparent because transparency means how much they have paid to each sector, they should let us know,” Nwokoma stated.

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