THE Central Bank of Nigeria (CBN), yesterday, released the sum of USD$265 million to airlines operating in the country to settle outstanding ticket sales.
According to a statement issued by the Director, Corporate Communications, CBN, Osita Nwanisob, the bailout is aimed at checking the crisis in the country’s aviation sector
A breakdown of the figure indicates that the sum of USD$230 million was released as special FX intervention, while another sum of USD$35 million was released through Retail SMIS auction.
Nwanisobi in the statement said that the CBN Governor, Godwin Emefiele and his team were concerned about the development and what it portends for the sector as well as travelers.
He said that the apex bank was not against any company repatriating its funds from the country. “What the CBN stands for is an orderly exit for those that might be interested in doing so,” he said.
The CBN spokesperson further said, “with the release, it is expected that operators and travelers will heave huge sighs of relief.”
Some foreign airlines operating in Nigeia had threatened to withdraw their services in the face of unremitted funds for outstanding sales of tickets.
