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Wednesday, June 19, 2024

CBN Releases $265m To Airlines operating in the country

by Mitchelle Uzorka 

The Central Bank of Nigeria (CBN) has reportedly released the sum of $265 million to airlines operating in Nigeria to settle outstanding ticket sales.

Confirming the release, the Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi, 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”.

$230 of the Money released on Friday was given as special Forex intervention while another sum of $35 million was released through the Retail SMIS auction.

The move by CBN was done to check the brewing crisis in the country’s aviation sector.

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