CBN Disburses $265 Million To Airlines To Cover Unpaid Ticket Sales

CBN Disburses $265 Million To Airlines To Cover Unpaid Ticket Sales

The Central Bank of Nigeria issued $265 million to settle unpaid ticket sales to domestic airlines.

According to a breakdown of the total, $230 million was made available as special FX intervention, and another $35 million was made available through a retail SMIS auction.

The CBN’s Director of Corporate Communications Department, Mr. Osita Nwanisobi, confirmed the release in a statement:

“The 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.”

He stated once more that the CBN 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”.

The CBN stated that with the release, it is anticipated that operators and travelers will both breathe a sigh of relief. After all, some airlines had threatened to stop operating due to unpaid cash from pending ticket sales.

Remember that Emirate Airlines announced on August 18 that it “has taken the difficult decision to suspend all flights to and from Nigeria, effective 01 September 2022, to limit further losses and impact on our operational costs that continue to accumulate in the market”.

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