Breaking News: The Central Bank Of Nigeria, CBN Releases $265m To Airlines

Yesterday, the sum of $265 million was released to airlines operating in Nigeria, by the Central Bank of Nigeria (CBN). This is in a move to check the crisis in the country’s aviation sector, by settling outstanding ticket sales.

Before this development, a number of airlines had threatened to withdraw their services in the face of unremitted funds for outstanding sale of tickets in the country.

Mr. Osita Nwanisobi, the Director, Corporate Communications Department at the CBN, retiterated that the CBN was not against any company interested in repatriating its funds from the country, provided that the exit is done in an orderly manner.

The Director noted that the CBN Governor, Godwin Emefiele and his team were indeed concerned about issues that affect the development of the sector and its effects, the travelers, as well as, the country in the comity of nations.

"With Friday’s release, it is expected that operators and travelers as well will heave huge sighs of relief, as some airlines had threatened to withdraw their services in the face of unremitted funds for outstanding sale of tickets,” CBN said.

The scarcity of foreign exchange in the country had resulted in reactions and concerns over hundreds of millions of dollars earned by foreign airlines operating in the country which the foreign airlines could not repatriate.

A breakdown of the figure indicates that the sum of $230 million was released as special FX intervention while another sum of $35 million was released through Retail SMIS Secondary Market Intervention Sales) auction.

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