Aviation Crisis: Why CBN pays $265m to airline operators

Aviation Crisis: Why CBN pays 5m to airline operators
Nigeria airport

Central Bank of Nigeria (CBN) has chosen to rescue the Aviation industry in Nigeria, in particular, the airline operators.

Some operators have threatened to suspend operations or outright exit from the country due to unavailability of funds to offset outstanding ticket sales, and as well as, to process the alleged repatriation in foreign currency.

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 stressed 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.

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 auctions.