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CBN Releases $265m To Airlines Operating In Nigeria

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The total sum of $265m has been released by the Central Bank of Nigeria (CBN), to airlines operating in the country to settle outstanding ticket sales.

According to information, the sum of $230 million was initially released as special FX intervention, while another sum of $35 million was released through Retail SMIS auction.

Confirming the release in a statement, the Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi said: “The Governor, Godwin Emefiele and his team were concerned about the development and what it portends for the sector and travelers as well as the country in the comity of nations.”

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 the release, it is expected that operators and travellers as well will heave a huge sigh of relief, as some airlines had threatened to withdraw their services in the face of unremitted funds for outstanding sale of tickets.

Recall that Emirate Airlines announced on August 18 that it “has taken the difficult decision to suspend all flights to and from Nigeria, effective 1 September 2022, to limit further losses and impact on our operational costs that continue to accumulate in the market”.

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