Sunday, April 14, 2024

 

Airlines Get $265m CBN’s Lifeline To Halt Crisis In The Sector

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The Central Bank of Nigeria (CBN) has released $265 million to airlines operating in the country to settle outstanding ticket sales.
The move was to check a brewing crisis in the nation’s aviation sector as some of the foreign carriers have threatened to withdraw services in Nigeria.

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 auction.

Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi, on Friday, 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.

Nwanisobi retiterated 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 Friday’s release, 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 unremitted funds for outstanding sale of tickets,” the apex bank said.

Emirates Airlines has given notice to stop flying flights in and out of Nigeria from September 1st.

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