Skip to main content

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

Popular posts from this blog

23 children and 54 Others Camped In A Church, In Ondo State, Rescued By The Police

The Ondo State Police Command said a total of 77 people were found locked in the basement of a church; Whole Bible Deliverance Church located at Valentino Area of Ondo town, Ondo State, reports the Punch News. The police said that the victims comprised 23 kids and 54 others including teenagers and adults, males and females. It was alleged that the victims were kidnapped and kept in the underground apartment of the church for over six months before they were rescued. The church’s pastor and some other members are currently in the custody of the command while the police had begun investigation into the matter In a one-minute, 40 seconds video, a voice was heard saying, “There are kidnapped children found in the underground cell of a church in Valentino Area of Ondo. The pastor and some members of the church have been arrested and were also in the police patrol van.’’ One of the parents of the rescued victims, Mr Michael Olorunyomi, said that he left the church because of alleged wrong Bi...
On Thursday, the Federal High Court in Ikoyi, Lagos, convicted an actress, Oluwadarasimi Omoseyin, of spraying and stepping on new Naira notes at a friend’s wedding in Lagos.                       Oluwadarasimi Omoseyin Oluwadarasimi Omoseyin was sentenced by Chukwujekwu Aneke, the trial judge at the court proceeding, to six months’ imprisonment but with an option of N300,000 fine. A statement by Dele Oyewale, the Head, Media & Publicity of the Economic and Financial Crimes Commission (EFCC), the prosecuting agency. A video clip of Oluwadarasimi Omoseyin spraying new Naira notes at a wedding in Lekki, Lagos State, on 28 January 2023 went viral on social media platforms. Oluwadarasimi Omoseyin was arrested on 1 February 2023. Her performance was at a period that there was a severe scarcity of Naira notes following the Central Bank of Nigeria (CBN)’s withdrawal of old 200, 500 and 1000 Naira notes from circulation and replacement ...

Britain-ASDA Slashes Prices On Rice, Pasta And Baked Beans

Asda slashes prices on pasta, rice and baked beans to help ‘millions’ of Britain’s poorest families. Following a successful campaign by anti-poverty blogger and budget chef Jack Monroe, Asda has slashed the prices of hundreds of kitchen staples, helping "millions" of Brits. Last month Monroe, a former food bank user, urged supermarkets to make their cheapest food ranges more widely available after highlighting the inflation in key products such as rice and the removal of value ranges from the shelves in her local Asda in Essex. Her Twitter thread warning that official inflation figures "grossly underestimated" the impact of the current cost of living crisis on Britain's poorest families went viral and generated a media storm. In response, on Monday (February 7) Asda committed to stocking its full Smart Price and Farm Stores ranges in all of its stores and online. On Saturday (February 12), three and a half weeks after her viral Tweets, the campaigner, who has be...