CBN Rescues Aviation Sector, Releases $265 Million For Outstanding Ticket Sales

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.

Confirming the release, the Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi, who confirmed the release, said the Governor, Godwin Emefiele and his management 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.

According to the statement, the sum of $230 million was released as special Forex intervention while the remaining sum of $35 million has been released through Retail SMIS auction.

Contrary to speculation from some foreign airlines that the Nigeria government has blocked the repatriation of their fund, Mr. 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 the release of this intervention, both the operators and travelers will heave a 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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