BREAKING: CBN releases $265m foreign airlines’ trapped funds

In a fast move to avert a total shutdown of Nigeria’s aviation sector, the Central Bank of Nigeria (CBN) on Friday, released the sum of $265 million to airlines operating in the country, to settle outstanding ticket sales.

A breakdown of the figure indicates that the sum of $230 million was released as special FX intervention while another sum of $35 million was released through Retail SMIS Secondary Market Intervention Sales) auction.

Confirming the release, the Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi, said that the Governor, Godwin Emefiele and his team were concerned about the development and its effects the sector, travelers, as well as, the country in the comity of nations.

Mr. Nwanisobi retiterated 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 of the funds, it is expected that operators and travelers would heave huge sighs of relief.

Some airlines had threatened to withdraw their services in the face of unremitted funds for outstanding sale of tickets in the country.

More details to follow…….

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