Federal Government has finally intervened in the release of the trapped funds of foreign airlines through the Central Bank of Nigeria.
The apex bank released the sum of $265 million to the airlines to settle outstanding ticket sales out of the $464 million trapped in the bank.
A breakdown of the figure shows that the sum of $230 million was released as special FX intervention while another sum of $35 million was released through Retail SMIS auction.
In a statement, CBN’s Director, Corporate Communications Department, Mr. Osita Nwanisobi said the money released was to check the growing crisis in the aviation sector while also enabling airlines operating in the country settle outstanding ticket sales. 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.
Mr. 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.
It is expected that with this latest development, airlines who are considering ceasing operations to the country will have a rethink.