Aviation Sector: CBN Releases $265 Million To Airlines, Avert Crisis, Settle Outstanding Ticket Sales

The Central Bank of Nigeria (CBN) has intervened in the financial crisis rocking the nation’s aviation sector with the release of the sum of $265 million to airlines operating in the country.

The amount is for the settlement of
outstanding ticket sales.

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.

Confirming the release, the Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi explained that the 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.

Mr. Nwanisobi retiterated 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.

With Friday’s release, it is expected that operators and travelers as well will heave huge sighs of relief, as some airlines had threatened to withdraw their services in the face of unremitted funds for outstanding sale of tickets.