Trapped Fund: Respite As CBN Releases $265m To Foreign Airlines.

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

A breakdown of the figure shows that the sum of $230 million was special FX intervention; while another sum of $35 million was through Retail SMIS auction.

Confirming the release, the director, Corporate Communications Department at the CBN, 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 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 interest in doing so.

The operators and travelers as well will heave huge sighs of relief; as some airlines had threatened to withdraw their services in the face of unremitted funds for outstanding sale of tickets


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