Banking

Trapped forex: CBN releases $265m to airlines

In a move to curtail the crisis parading the aviation sector, the Central Bank of Nigeria released the sum of $265 million to airlines operating in the country to settle outstanding ticket sales.

According to BusinessDay, breaking the figures, the apex bank released the sum of $230 million as special FX intervention while another sum of $35 million was released through the Retail SMIS auction.

The Director of the Corporate Communications Department at the CBN, Mr Osita Nwanisobi confirmed the release stating that Governor, Godwin Emefiele and his team were concerned about the development and what it portends for the sector and travellers as well as the country in the comity of nations.

Mr Nwanisobi reiterated 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 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 the outstanding sale of tickets.

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