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CBN Releases $265 Million To Airlines

In order to stop a crisis from developing in the nation’s aviation industry, the Central Bank of Nigeria disbursed $265 million on Friday to domestic airlines that operate there.

According to a breakdown of the amount, $230 million was made available as special foreign exchange intervention, and another $35 million was made available through a retail SMIS auction.

The CBN Governor, Godwin Emefiele, and his team were concerned about the development and what it portended for the sector and travelers as well as the country in the comity of nations, according to a statement from the Director, Corporate Communications Department, CBN, Mr. Osita Nwanisobi.

Nwanisobi retorted that the bank supported an orderly exit for anyone who could be interested in doing so, adding that the bank was not opposed to any corporation bringing money back to the country.

According to CBN, “Operators and travelers alike are anticipated to breathe a sigh of relief” after Friday’s release because some airlines had threatened to stop operating due to unpaid ticket sales.

There have been significant reactions and worries regarding the hundreds of millions of dollars that international airlines operating in the nation earned but were unable to remit home due to issues with currency scarcity.