x

CBN Releases $265m To Airlines

The Central Bank of Nigeria (CBN) has released the sum of $265 million to airlines operating in the country to settle outstanding ticket sales in an apparent move to check a brewing crisis in the country’s aviation sector.

A breakdown of the figure released on Friday indicates that the sum of $230 million was given as special Forex intervention while another sum of $35 million was released through the Retail SMIS auction.

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.

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.

Hot this week

Kaduna Igbo Community Honours Amb. Yerima Shettima with Traditional Title

By Achadu Gabriel, Kaduna The Eze Igbo of Kaduna, His...

FG, Senate Leaders Head to Washington to Avert U.S. Sanctions Over Alleged Christian Genocide

 Top officials from the Federal Government and the National...

Northern Governors Mourn Victims of Niger Tanker Explosion

The Northern States Governors’ Forum (NSGF) has expressed deep...

Hajj 2026: Dual 23kg Luggage Policy Sparks Logistical Concerns

By Ibrahim Muhammad The newly introduced luggage policy for the...

FG Launches Made-in- Nigeria Mobile App to Boost Community Healthcare Services

By Joyce Remi-BabayejuThe Federal Government has launched a...

Hazras Charity Foundation Concludes Educational Kits Distribution in Kano, Expands to Jigawa State

By Jabiru HassanThe Hazras Charity Foundation, a delivery partner...

Kaduna Women Journalists Urge Government Action on Poor Power Supply, Commend State’s Climate Efforts

By Achadu Gabriel, KadunaThe Nigeria Association of Women Journalists...

Gov. Ododo Hails Appointment of Maj.-Gen. Waidi Shaibu as New Chief of Army Staff

By Noah Ocheni, LokojaKogi State Governor, Alhaji Ahmed Usman...

NDDC Commissions Naval Facility in Bayelsa to Boost Security in Niger Delta

By Amgbare Ekaunkumo, YenagoaThe Niger Delta Development Commission (NDDC)...

KOSIEC Releases Timetable for 2026 Kogi Local Government Elections

By Noah Ocheni, LokojaThe Kogi State Independent...

Terrorist Invade Southern Kaduna Community, Abduct 10 Residents in Kauru LGA

By Achadu Gabriel, KadunaTerrorists have again attacked Southern Kaduna,...

Related Articles

Popular Categories

spot_imgspot_img