The crisis in Nigeria’s aviation sector has come under control with intervention by the Central Bank of Nigeria (CBN), which on Friday released $265 million to the nation’s 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 special FX intervention while another sum of $35 million was released through Retail SMIS auction.
The Director, Corporate Communications Department at the apex bank, Mr. Osita Nwanisobi said the CBN governor, Godwin Emefiele and his team were concerned about what the development portends for the sector and travelers as well as the country in the comity of nations.
On airlines repatriation of funds, Nwanisobi reiterated that the Bank was not against any company with such intention but that the CBN stood for an orderly exit for those that might be interested in doing so.
It is expected that with the intervention, operators and travelers would now have some succour.
