CBN Releases $265 Million to Airlines Due to Repatriation Issues

The Central Bank of Nigeria on Friday released $265 million to airlines operating in the country to settle outstanding ticket sales to control a brewing crisis in the country’s aviation sector.

A breakdown of the figure indicated that $230 million was released as a special currency intervention, while another $35 million was released through Retail SMIS auction.

CBN’s Director of Corporate Communications, Mr. Osita Nwanisobi, made the announcement in a statement, saying that CBN Governor Godwin Emefiele and his team were concerned about the development and what it means for the industry and travelers. and the land in the courtesy of the nations.

Nwanisobi reiterated that the bank was not against a company that would repatriate its money from the country, adding that what the bank stood for was an orderly exit for those who may be interested in it.

“With Friday’s release, both operators and travelers are expected to breathe huge sighs of relief as some airlines had threatened to withdraw their services due to undistributed funds for outstanding ticket sales,” CBN said.

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There have been serious concerns and reactions over hundreds of millions of dollars earned by foreign airlines operating in the country that they were unable to repatriate due to problems with foreign exchange scarcity.

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