Relief As CBN Disburses $265m To Airlines For Outstanding Tickets Revenue.
The Central Bank of Nigeria (CBN), yesterday, released the total sum of $265 million to airlines operating in the country to settle outstanding ticket sales revenue to prevent the looming crisis in the aviation sector.
A figure breakdown indicates that $230 million was released as a special foreign exchange (FX) intervention while another $35 million was released through the retail SMIS auctions.
Confirming the development, the Director, Corporate Communications Department at the CBN, Osita Nwanisobi, said the apex bank, Godwin Emefiele, and his team was concerned about the challenge and what it portends for the sector and travelers.
It would be recalled that some foreign airlines had disclosed their intentions to leave the country over rising operating challenges including their inability to source FX to repatriate trapped funds.
Just last week, Emirates suspended flights operation to Nigeria over their trapped funds
Nwanisobi reiterated that the CBN was not against any company repatriating its funds from the country, adding that what the Bank stood for was an orderly exit for those that might be interested in doing so.
With yesterday’s release, it is expected that operators and travelers as well would heave a sigh of relief.
Source | The Guardian