Airlines: CBN Releases $265million To Settle Outstanding Ticket Sales

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

The Nigerian Central Bank Governor, Godwin Emefiele / Photo credit: dailypost.ng
The Nigerian Central Bank Governor, Godwin Emefiele / Photo credit: dailypost.ng

The Central Bank of Nigeria (CBN),on Friday, released the sum of 265 million dollars to airlines operating in the country to settle outstanding ticket sales.

According to a statement issued by the Director, Corporate Communications Department of CBN, Mr. Osita Nwanisobi, the gesture is aimed at checking the crisis in the country’s aviation sector

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

Nwanisobi said that the CBN Governor, Mr. Godwin Emefiele and his team were concerned about the development and what it portends for the sector as well as travelers.

He said that the apex bank was not against any company repatriating its funds from the country.

“What the CBN stands for is an orderly exit for those that might be interested in doing so,” he said.

According to Nwanisobi, with the release, it is expected that operators and travelers will heave huge sighs of relief.

Some foreign airlines operating in Nigeia had threatened to withdraw their services in the face of unremitted funds for outstanding sales of tickets.

(NAN)

The Interview Editors

Written by The Interview Editors

The Interview is a niche publication, targeting leaders and aspiring leaders in business, politics, entertainment, sports, arts, the professions and others within society’s upper middle class and high-end segment in Nigeria.