The Central Bank of Nigeria (CBN) yesterday released $265 million to foreign airlines operating in the country for the remittance of a part of their revenues trapped in the country.
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 development, CBN Director, Corporate Communications Department, Mr. Osita Nwanisobi, in a statement said the apex bank’s governor, Mr. Godwin Emefiele and his team were concerned about the development and what it portends for the sector and travellers, as well as the country in the comity of nations.
He pointed out that the central 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.
The statement added that with the latest development, it is expected that operators and travellers would heave a huge sigh of relief as some airlines had threatened to withdraw their services in the face of unremitted funds for outstanding sale of tickets.
A number of foreign airlines had raised the alarm over their inability to remit their revenues in Nigeria said to be around $450 million. Last week, Emirates Airlines announced that it would suspend all flights to Nigeria from September 1, 2022 over its stuck $95 million.