In order to settle overdue ticket sales and stave off a crisis in the country’s aviation industry, the Central Bank of Nigeria has given $265 million to airlines that operate there.
There have been significant objections and comments regarding the hundreds of millions of dollars that international airlines operating in the nation earned but were unable to remit home due to issues with currency scarcity.
Due to their inability to transfer money back to their home nations, foreign airlines operating in the nation have started increasing ticket prices and cutting back on flights.
By September 1, 2022, Emirates Airlines announced that it would stop operating flights into Nigeria due to growing concerns that other airlines could take a similar action.
The CBN reported that a breakdown of the amount showed that $230 million had been issued as special foreign exchange intervention and another $35 million had been distributed through a retail SMIS auction.
The CBN’s Director of Corporate Communications, Mr. Osita Nwanisobi, revealed this in a statement and added that the CBN Governor, Godwin Emefiele and his staff were concerned about the development and what it portended for the industry, travelers, and the nation as a whole in the community of nations.
Nwanisobi emphasized that the bank supported an orderly exit for anyone who could be interested in doing so, adding that the bank had nothing against any corporation bringing its money back to the country.
“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” says CBN.
- Tags: #$265million, #CBN, #foreignairlines, #relieffund
