The Central Bank of Nigeria (CBN) has released the sum of $265 million to airline operators to settle outstanding ticket sales in a move aimed at mitigating the aviation crisis.
A breakdown of the figure indicates that the sum of $230m was released as a special forex intervention while another sum of $35m was released through the Retail SMIS auction.
Earlier this week, TechEconomy reported that there were signs that the relevant government organizations may soon find a solution to the situation involving the $464 million in ticket sales of international airlines stranded in Nigeria.
The International Air Transport Association (AITA) had estimated the amount at $450m of funds belonging to foreign airlines trapped in Nigeria.
Director, Corporate Communications Department at the CBN, Osita Nwanisobi said 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.
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.
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 the outstanding sale of tickets.
Recall that Turkish Airlines and British Airways threatened that they will no longer issue tickets to passengers in naira following the foreign exchange challenges facing Nigeria.
There had been fears that other foreign airlines whose funds are trapped in the Nigerian economy may follow soon.
The airlines said in a message last week that Nigerian passengers can only pay for tickets in US dollars.
Before the threat, Emirates Airlines had announced the suspension of flights to and from Nigeria beginning September 1.
