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.

Comments

THE SARKIN BAI AND KINGMAKER MUKTAR ADNAN, IS DEAD.

Kano Emirate’s longest serving kingmaker and former district head of Dambatta, Mukhtar Adnan, has died.

Video Update - Bianca Ojukwu And Willie Obiano's Wife Saga

The Internet is buzzing, there is a media uproar, the media outlets are now giving a clearer version of what happened between the former beauty queen and wife to the late warlord, Bianca Ojukwu and the wife of the former Governor of Anambra State Ebelechukwu Willie Obiano. Fresh stories indicate that Bianca Ojukwu initiated the slap. She slapped Willie Obiano's wife and it is not the other way round as earlier reported. The moment Bianca slapped Obiano’s wife during Soludo’s inauguration happened thus. The scuffle occurred on Thursday at the inauguration of Chukwuma Soludo as governor of the state. Soludo was sworn in at the government house in Anambra. Dignitaries, including Obiano, were already seated when Ebelechukwu Obiano, Willie Obiano's wife stood up from her seat and moved to where Bianca, widow of Chukwuemeka Ojukwu, was seated and spoke to her. Although Ebelechukwu was inaudible, the video showed how Bianca rose and gave her a slap, leading to a commotion. Whichever w...

PDP Gets New National Chairman - Confirms, The Chairman (North), Amb. Umar Illiya Damagum, As Acting National Chairman

A Benue High Court on Monday ordered Ayu to stop parading himself as national chairman of the PDP pending determination of the suit before it. The National Working Committee, NWC of the Peoples Democratic Party (PDP), acting on the order, yesterday, confirmed its Deputy National Chairman (North), Amb. Umar Illiya Damagum, as acting national chairman after Ayu, stepped aside in honor to the court order. The PDP NWC took the decision at an emergency meeting, yesterday reports the Vanguard news. Ayu will cease to function as national chairman until the court says otherwise. Stakeholders in the main opposition Peoples Democratic Party, PDP, who want the National Chairman, Dr Iyorchia Ayu, to quit the position, have succeeded, at least in the interim. The PDP National Publicity Secretary, Mr. Debo Ologunagba, confirmed the development in a statement shortly after the meeting. He said: “The NWC at an emergency meeting today, Tuesday, March 28, 2023 acknowledged the Order of the Benue St...

Welcome To Echo Blog

Search This Blog