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.

See also  Police arrest three suspected cult members in Warri

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.


Hoodlums wreak havoc in Lagos community, block Badagry highway

HOODLUMS went on a rampage in the Ijanikin area of ​​Lagos State on Thursday after an alleged attack on a member of the Awori community by a masquerade….

Oyo Princes seek Makinde’s clarification on Alaafin’s crutch

PRINCESSES of ruling houses in Oyo city have called on Oyo State Governor Seyi Makinde to issue a categorical statement about a letter purportedly written by Atiba Local Government Area of ​​the state stating that only Agunloye Ruling House in eligible to fill the vacant seat of Alaafin from Oyo…..

See also  Vehicle crashes into shop and kills baby in Ondo

Not raising Nigeria’s education budget to 20% will hinder global 2030 target – UN

Unless Nigeria’s budget is increased from the current 7% to 20% with clear delivery responsibilities, the country is unlikely to meet the global agenda for universally inclusive and equitable primary education for all school-age children by 2030….

Be the first to comment

Leave a Reply

Your email address will not be published.