To avert a brewing crisis in the country’s aviation sector, the Central Bank of Nigeria (CBN) released $265 million on Friday, August 26, 2022, to airlines operating in the country to settle outstanding ticket sales.
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.
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 its implications for the sector, travellers, and the country in the global community of nations.
Mr. Nwanisobi stated that the Bank supported orderly exits for companies that wished to repatriate their funds.
The release on Friday is expected to bring immense relief to both operators and travellers, as some airlines had threatened to withdraw their services due to unremitted funds from outstanding ticket sales.
