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CBN Disburses $265m To Airlines Over Repatriation Challenges

CBN Disburses $265m To Airlines Over Repatriation Challenges

CBN Disburses $265m To Airlines Over Repatriation Challenges

CBN Disburses $265m To Airlines Over Repatriation Challenges

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.

ALSO, READ FCTA Disburses N1.1 Billion COVID-19 Funds To Communities

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 the 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 CBN Director of Corporate Communications, Mr. Osita Nwanisobi.

CBN Disburses $265m To Airlines Over Repatriation Challenges

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.

ALSO, READ 14 kidnapped Travelers Rescued By Police And Hunters In Osun

“With Friday’s release, it is 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 the outstanding sale of tickets,” CBN said.

There have been serious concerns and reactions over hundreds of millions of dollars earned by foreign airlines operating in the country which they could not repatriate due to foreign exchange scarcity problems.


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