Home BUSINESS AVIATION CBN Rescues Crisis-Ridden Airlines With $265 Million

CBN Rescues Crisis-Ridden Airlines With $265 Million

The Central Bank of Nigeria (CBN) has released the sum of $265 million to the airlines operating in Nigeria to enable them settle outstanding ticket sales and save the country from the looming crisis in the aviation sector.
A statement today, August 26 by the Director of the Corporate Communications in the apex bank, Osita Nwasinobi said that while $230 million of the amount was released as special intervention, $35 million was released through retail SMIS auction.
The statement said that the Governor of the apex bank, Godwin Emefiele and his team were concerned about the unpleasant development in the aviation sector, and what it portends for the country in the comity of nations  and the travellers.
Nwanisobi stressed that CBN is not against any company repatriating its funds from Nigeria, but that what the bank would always insist on is orderly exit by those that might be interested in doing so.
He said that with the release of funds today, it is expected that the airline operators and travellers will bounce back into business.
It will be recalled that some airlines had threatened to withdraw their services in the face of unremitted funds for outstanding sale of tickets.

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