Trapped funds: CBN releases $265m to airlines after protest

The Central Bank of Nigeria (CBN) has released the sum of $265 million to airlines operating in the country as settlement of outstanding ticket sales.

The CBN’s Director of Corporate Communications, Osita Nwanisobi, announced the development in a statement issued on Friday in Abuja.

The International Air Transport Association (IATA) had last week expressed concern over the trapped $464 million in Nigeria.

The Emirates Airlines had earlier announced the suspension of flights to Nigeria over its inability to repatriate $85 million stuck in the country.

Nwanisobi said the CBN Governor, Godwin Emefiele and his team were concerned about the development and what it portends for the sector and travelers in the country.

READ ALSO: TRAPPED $464M: Hope for Emirates, other airlines, as Nigerian govt intervenes

He said the CBN was not against any company repatriating its funds from the country, adding that what the apex bank stood for was an orderly exit for those that might be interested in doing so.

A breakdown of the figure showed that $230 million was released as special forex intervention while $35 million was released through Retail SMIS auction.

With this development, it is expected that operators and travelers as well will heave sighs of relief as some airlines had threatened to withdraw their services over the unremitted proceeds from sales of tickets.

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