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CBN releases $265m to airlines to prevent aviation industry collapse

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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 in a bid to avoid brewing catastrophe in the country’s aviation sector.

A breakdown of the figure indicates that the sum of $230 million was released as a special FX intervention while another sum of $35 million was released through the Retail SMIS auction.

Mr. Osita Nwanisobi, the Director, Corporate Communications Department at the CBN, Confirming the release, said the Governor, Godwin Emefiele and his team were concerned about the development and what it signifies for the sector and travellers as well as the country in the harmony of nations.

Mr. Nwanisobi reiterated that the Bank was not against any company removing 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, it is expected that operators and travellers as well will heave huge sighs of relief, as some airlines had threatened to pull out their services in the face of unremitted funds for the outstanding sale of tickets.

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