The Central Bank of Nigeria (CBN) has released $265 million blocked funds to foreign airlines operating in the country.
The apex bank said the release is a move to check a brewing crisis in the country’s aviation sector,
This was disclosed in a statement by the Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi, on Friday.
He 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.
It said 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.
It iis 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.
