Who Gets What? Breakdown of CBN’s $265m To Airlines

$265m released for Outstanding Ticket Sales – CBN

In a move to check a brewing crisis in the country’s aviation sector, the Central Bank of Nigeria CBN has released the sum of 265 million dollars to airlines operating in the country, to settle outstanding ticket sales.

A breakdown of the figure indicates that the sum of 230 million dollars was released as special Foreign exchange intervention while another sum of 35 million dollars was released through retail S.M.I.S auction.

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Confirming the release, 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 travellers as well as the country in the comity of nations.

Mr. Nwanisobi reiterated that the Bank 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 fund, it is expected that operators and travellers as well, will heave huge sighs of relief, as some airlines had threatened to withdraw their services in the face of un-remitted funds for outstanding sale of tickets.

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