The Central Bank of Nigeria (CBN) has released $265 million to airlines operating to settle outstanding ticket sales in an effort to save the aviation sector from collapse.
Mr. Osita Nwanisobi, Director, Corporate Communications Department at the CBN, confirmed the release in a statement: “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”.
He reiterated that the CBN 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”.
A breakdown of the figure shows that $230 million was released as special FX intervention and $35 million was released through the Retail SMIS auction.
The CBN stated that “with the release, it is expected that operators and passengers will breathe a huge sigh of relief, as some airlines had threatened to withdraw their services due to unremitted funds for outstanding sale of tickets.”
On the 18th of August 2022, Emirate Airlines announced it “has taken the difficult decision to suspend all flights to and from Nigeria, effective 01 September 2022, to limit further losses and impact on our operational costs that continue to accumulate in the market”.
The airline however noted 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”.
