In a move to check the lingering disagreement in the country’s aviation sector, the Central Bank of Nigeria [CBN], yesterday Friday, August 26, 2022, released the sum of $265 million to airlines operating in the country, to settle outstanding ticket sales.
The fund released by the apex bank is coming on the heels of a threat by foreign airlines to stop operations into the country.
Middle East Carrier, Emirates Airlines has hinted that the airline will cease flying into Nigeria from September 1st, while the United Kingdom carrier, British Airways had given the government December deadline following which if nothing is done it will stop operating into the country.
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, Osita Nwanisobi said 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.
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 the release, it is expected that operators and travellers 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.
By Akinyele Oluwaseun Akitunde [Lagos]
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