Outstanding Tickets Debts, CBN Releases N111 billion To Airline Operatives | The Countdown Nigeria
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Outstanding Tickets Debts, CBN Releases N111 billion To Airline Operatives

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Central Bank of Nigeria (CBN) has released N111 billion naira ($265million) to the airline operatives nationwide in order for them to settle the outstanding sold tickets debt they owe.

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A breakdown of the figure shows $230 million was released as special FX intervention while another sum of $35 million was released through Retail SMIS auction.

Confirming the release in a statement, the Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi said:

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“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”.

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The CBN noted that with the release, it is expected that operators and travellers as well will heave a huge sigh of relief as some airlines had threatened to withdraw their services in the face of unremitted funds for outstanding sale of tickets.

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Recall that Emirate Airlines announced on August 18 that 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”.

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