CBN releases $265m to Airlines to Stop Suspension Of Flights

Osaretin Balogban

The Central Bank of Nigeria (CBN) released a sum of $265milion to foreign airlines to curb the issues concerning the non-repatriations of funds from ticket sales.

The CBN confirmed that the funds released were to enable airlines that had threatened to suspend Nigerian flights over non-repatriation of its funds from ticket sales to continue their services.

See Also: Emirates to Suspend Nigerian Flights Over Non-Repatriation of Funds from Ticket Sales

Confirming the release, in a statement, the Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi said: “The Governor, Godwin Emefiele, and his team were concerned about the development and what it portends for the sector and travelers as well as the country in the comity of nations”.

“The CBN is 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”.

Emirates Airline announced on the 18th of August 2022, that it has decided to suspend flights to and from Nigeria, effective from the 1st of September, 2022, to reduce further losses.

However, The Airline mentioned that “should there be any positive developments in the coming days regarding Emirates’ blocked funds in Nigeria, we will, of course, re‑evaluate our decision”.

Source: The Nation

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