CBN Injects $265 Million Into Aviation Sector To Rescue Airlines

CBN Injects $265 Million Into Aviation Sector To Rescue Airlines
Nigerians Airports

 

With the raging crisis in the nation’s aviation industry that has seen the liquidation of many airlines on account of financial challenges, the  Central Bank of Nigeria (CBN) has intervened in the crisis in the  sector on Friday, with the release of the sum of $265 million to airlines operating in the country, to settle outstanding ticket sales.

A breakdown of the figure indicates that the sum of $230  million was released as a 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 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.

Mr. 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 travelers as well will heave huge sighs of relief, as some airlines had threatened to withdraw their services in the face suffocating business environment.

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