Trapped Funds: CBN Releases $265m To Foreign Airlines In Latest Strategic Move

August 26, 2022
Trapped Funds: CBN Releases $265m To Foreign Airlines In Latest Strategic Move
Trapped Funds: CBN Releases $265m To Foreign Airlines In Latest Strategic Move

In a strategic move to address the issue of trapped funds belonging to foreign airlines and check the brewing crisis in Nigeria’s aviation sector, the Central Bank of Nigeria (CBN) has released the sum of $265 million  to settle outstanding ticket sales.

A breakdown of the figure released on Friday indicates that the sum of $230 million was given as special Forex intervention while another sum of $35 million was released through the Retail SMIS auction.

Join our WhatsApp Channel

Confirming the release, the Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi, said the CBN Governor, Godwin Emefiele, and his team was concerned about the trapped funds controversy and what it portends for the sector and travelers as well as the country in the comity of nations.

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.

Last week’s announcement by the Middle East mega carrier, Emirates Airlines, to suspend flights to Nigeria as a result of the trapped funds controversy has triggered a lot of reactions both within and outside the country and brought to the fore the critical role air transport plays in the economy of any nation.

In a piece entitled, “Foreign Airlines And Their Nigerian Trapped Dollars,” a frontline business e-paper, Prime Business Africa, also took some shot in the matter via the paper’s mouthpiece – the editorial.

With the latest CBN’s release, therefore, it is expected that operators and travellers as well will heave huge sighs of relief, as some airlines had threatened to withdraw their services in the face of unremitted funds for the outstanding sale of tickets.

 

 

 

+ posts

Featured Stories

Latest from News

“New York Times Lied Against Us” – Intersociety

Rights group accuses US newspaper of misrepresentation, distortion and endangering its leadership “At no point during our interaction with the New York Times did we say or imply many of the things now attributed to us. What has been published is a

APC Conflict Resolution Committee Holds First Meeting in Abuja

The All Progressives Congress (APC) Strategy, Conflict Resolution and Mobilisation Committee on Monday night held its inaugural meeting in Abuja, marking the commencement of efforts by the ruling party to address internal disputes and strengthen nationwide mobilisation ahead of future elections. The
FG Struggling To Borrow, As Foreign Investors Prefer US, Germany, Others
Previous Story

CSOs To Buhari: Withdraw 4 INEC Nominees, They’re Partisan

#EdoDecides2024: INEC Extends Voting Time In Areas Where It Started Late
Next Story

Civil Society Groups Oppose Buhari’s INEC Nominees In Sokoto, Ebonyi, Enugu, Imo States

Don't Miss

Sexual Harassment Allegation: Natasha Drags Akpabio To IPU

Following her suspension from the Nigerian Senate, Kogi Central Senator,

Editorial: Nigerian Youths, Crystal Meth And Crack Cocaine Abuse

A few months ago, Chairman/Chief Executive Officer (CEO) of the