CBN releases $265m to airlines

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In a move to rescue the aviation sector from collapse, the Central Bank of Nigeria (CBN) has released $265 million to airlines operating to settle outstanding 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 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”. 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”.