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Aviation: Relief as CBN releases $265million to airlines

Mr. Godwin Emefiele, Governor of CBN

*The Central Bank of Nigeria has released $265 million to airlines operating in the country, so as to settle outstanding ticket sales, a development expected to bring succour to both the airline operators and travellers in the country

Isola Moses | ConsumerConnect

In a decisive move to resolve a brewing crisis and enhance business growth in the country’s troubled aviation sector, the Central Bank of Nigeria (CBN) has released $265 million to airlines operating in the country to settle outstanding ticket sales.

ConsumerConnect gathered that a breakdown of the figure released Friday, August  26, 2022, indicated that the Bankers’ Bank released a sum of $230 million as Special Forex intervention, while the CBN gave another $35 million through the Retail SMIS auction.

Mr. Osita Nwanisobi, Director of Corporate Communications Department at CBN, while confirming release of the funds, said Mr. Godwin Emefiele, Governor of the Bank, and his team were concerned about the development in the aviation industry and what the situation portends for the sector, air travellers, the entire country in the comity of nations.

Nwanisobi also restated that the apex bank is not against any company repatriating its funds from the country.’

What the Bank stands for is an orderly exit for those that might be interested in doing so, noted the Director of Corporate Communications.

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 the outstanding sale of tickets.

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