FG Bows to Pressure as CBN Releases $265 Million of $600 Million Embedded Funds

Pressured to find a solution to the controversial crisis that is shaking up the locked-up funds of the foreign airlines in the country, the Central Bank of Nigeria (CBN) on Friday released about $265 million to airlines operating in the country. country, to settle the outstanding ticket sales.

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

CBN Governor Godwin Emefiele and his team were concerned about the development and what it means for the industry and travelers, as well as for the country in the courtesy of nations.

Information released to journalists reiterated that the Bank was not opposed to a company repatriating its money from the country, adding that what the Bank stood for was an orderly exit for those who might be interested in it.

With the release of the amount, operators and travelers will now heave huge sighs of relief when it comes to running their operations.

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Due to their inability to repatriate their ticket sales, Emirates had earlier last week threatened to suspend all flights from Nigeria, effective September 1, 2022.

Similarly, there was evidence that British Airways was also considering suspending operations in Nigeria from December 2022 if payment of its stalled funds in the country is not paid.

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