Its good news for foreign airlines who have been buckling under the pressure of not remitting their revenue gotten within the country and which has made airlines such as Iberia and United Airlines to halt flights to the country.
The Central Bank today announced it is working to clear out the backlog of Forex demand of between $3 and $5 billion dollars through spot and forward settlements.
In a statement released by the Acting Director, Corporate Communications of the Central Bank, Mr Issac Okoroafor, the move is to engender confidence, ensure credible price formation and sustain the integrity of the Nigerian inter-bank FX market.
This was announced as the new flexible forex trading begins on Monday.
The apparent lower value of Naira and the inability of foreign carriers to repatriate their revenues had forced United Airlines and Spanish Iberia to withdraw services to Nigeria.As at March 31, 2016, foreign airlines funds held back in the country was about $575 million.
I guess most airlines can now heave a sigh of relief, Its back to business for most of Nigeria's more than 1 million frequent fliers.
Dollars at the Interbank at 10am today trading at $255 and the parallel market between $330 and $345.
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