News
CBN Releases $265m To Airlines Over Repatriation Challenges
The Central Bank of Nigeria on Friday, released $265m to airlines operating in the country, to settle outstanding ticket sales to check a brewing crisis in the country’s aviation sector.
A breakdown of the figure indicated that $230m was released as special foreign exchange intervention while another $35m was released through Retail SMIS auction.
Disclosing this in a statement, the Director, Corporate Communications Department, 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 travellers as well as the country in the comity of nations.
Nwanisobi retiterated 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 of unremitted funds for outstanding sale of tickets,” CBN said.
There has been serious concerns and reactions over hundreds of millions of dollars earned by foreign airlines operating in the country which they could not repatriate due to foreign exchange scarcity problems.
Source: Punch
-
Celebrities Auto1 week ago₦6B Worth of Supercars: Jeff Forex And Habby Forex Takes Delivery Of Their Lamborghini Aventador SVJs
-
News1 week agoThe Mazda MX-5 (Miata) May Become An EV
-
News1 week agoDavido’s Shows Off $5m Mistral, Burna Boy’s Chiron, EFCC Seizes Aisha’s Exotic Cars Worth ₦4.3b, Hongqi E-HS9 Spotted, Nigerian News In July
-
News1 week agoThe Largest U.S. Recall Of Mercedes-Benz In 2026 Began With A Single Little Component
-
Celebrities Auto2 days agoDavido Orders $15 Million One-of-One Custom Mansory Hypercar, Rumored To Be Based On A Bugatti Centodieci
-
News1 week agoFull Lists Of Categories Of Vehicles Exempted From Customs Import Duty & VAT, Those Still Taxed
-
Celebrities Auto3 days agoA Closer Look At Cristiano Ronaldo’s 9 Rare Hypercars : Chiron, Centodieci, AMG One & Monza SP1
-
News1 week agoThrough 2027, BMW Will Flood The Market With New Vehicles