Unremitted Funds: CBN Releases $265m To Airlines

The Central Bank of Nigeria (CBN) has released the sum of $265 million to airlines currently working in the country to fix outstanding ticket sales in a move to check a developing crisis in the country’s aviation sector.

A breakdown of the figure issued on Friday indicates that the sum of $230 million was given as special Forex intervention while another sum of $35 million was released through the Retail SMIS auction.

Confirming the release, the Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi, said the CBN Governor, Godwin Emefiele, and his team were triggered about the development and what it portrays for the sector and travelers as well as the country.

Nwanisobi claimed that the Bank was not against any company repatriating its funds from the country, adding that what the Bank represents was an orderly exit for those that might be interested in doing so.

With the funds released on Friday, it is expected that operators and travellers as well will be relieved, as some airlines had earlier threatened to withdraw their services in the face of unremitted funds for the outstanding sale of tickets.