CBN disburses $265m to airlines as IATA laments blockage of $450m revenue

The Central Bank of Nigeria (CBN) has released a sum of $265 million to airlines operating in Nigeria to settle outstanding ticket sales.

This move was coming after an outcry by the International Air Transport Association (IATA) which expressed concerns over the decision by the Federal Government to block foreign airlines from repatriating ticket sales revenue running into $450 million (N188.6 billion) into their respective countries.

British Airways, a flag carrier airline of the United Kingdom, on Friday was reported to be mulling stoppage of sales of new tickets for flights in Nigeria.

A breakdown of the fund released by the CBN indicates that the sum of $230 million was released as special FX intervention while another sum of $35 million was released through Retail SMIS Secondary Market Intervention Sales) auction.

Confirming the release, the Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi, said that the Governor, Godwin Emefiele and his team were concerned about the development and its effects the sector, travelers, as well as, the country in the comity of nations.

Mr Nwanisobi 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.

With the release of the funds, it is expected that operators and travellers would heave huge sighs of relief.

Some airlines had threatened to withdraw their services in the face of unremitted funds for the outstanding sale of tickets in the country.