Aviation Challenge: Why Central Bank of Nigeria Released $265m To Airlines

The Central Bank of Nigeria (CBN) has announced the release of $265 million to airlines operating in the country, to cater for the outstanding ticket sales. The bank also explained that its gesture was aimed at arresting the crisis in Nigeria’s aviation sector.

The bank said that $230 million was released as special foreign exchange intervention, while $35 million was released through Retail SMIS Secondary Market Intervention Sales) auction.

Mr. Osita Nwanisobi, the Director, Corporate Communications Department at the CBN, said that the Governor, Godwin Emefiele and his team were concerned about the development and its effects the sector, travelers, as well as, the country in the comity of nations.

He emphasized that the CBN 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.

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