Northern Nigerian Breaking News

Aviation Sector Crisis : CBN releases $265m to airlines

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

The apex bank said the release is a move to check a brewing crisis in the country’s aviation sector,

A statement issued by  Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi, on Friday said a breakdown of the figure indicates that the sum of $230  million was released as special FX intervention while another sum of $35 million was released through Retail SMIS auction.

The statement said the CBN Governor, Godwin Emefiele and his team were concerned about the development and what it portends for the sector and travelers as well as the country in the comity of nations.

Read Also:No immediate solutions to aviation crisis – Minister

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

Solacebase reports that some foreign airlines operating in Nigeria had threatened to withdraw their services in the face of unremitted funds for outstanding sales of tickets

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