The Central Bank of Nigeria (CBN) has released $265 million to Nigerian airlines to settle outstanding ticket sales, in an apparent effort to avert a crisis in the country’s aviation sector.
According to a breakdown of the figure released on Friday, $230 million was given as special Forex intervention, while another $35 million was released through the Retail SMIS auction.
READ ALSO: Police arrest fake soldier, recover charms in Lagos
Mr. Osita Nwanisobi, Director, Corporate Communications Department at the CBN, confirmed the release, saying the CBN Governor, Godwin Emefiele, and his team were concerned about the development and what it meant for the sector and travelers, as well as the country’s standing in the community of nations.
Nwanisobi reiterated that the bank was not opposed to any company repatriating its funds from the country, but that what the Bank stood for was an orderly exit for those who were interested.
With Friday’s release, it is expected that both operators and passengers will breathe a sigh of relief, as some airlines had threatened to withdraw their services due to unremitted funds for outstanding ticket sales.
Leave a Reply