CBN Acts to Save the Aviation Industry

...Gives Airlines $265 Million to Resolve Outstanding Ticket Sales

ABUJA: In an effort to avert a looming catastrophe in the country's aviation sector, the Central Bank of Nigeria (CBN) disbursed $265 million to airlines operating in the country on Friday, August 26, 2022, to settle outstanding ticket sales.

According to the breakdown, $230 million was released as a special FX intervention, while another $35 million was issued through the Retail SMIS auction.

Confirming the release, Mr. Osita Nwanisobi, Director, Corporate Communications Department at the CBN, stated that the Governor, Godwin Emefiele, and his team were concerned about the development and what it meant for the sector and travelers, as well as the country's standing in the international community.

Mr. Nwanisobi reaffirmed that the Bank was not opposed to any corporation repatriating its funds from the nation, but that what the Bank stood for was an orderly withdrawal for those who were interested.

With the release on Friday, it is believed that operators and travelers would breathe a sigh of relief, as some airlines had threatened to terminate their services due to unremitted cash for outstanding ticket sales.

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