News

CBN Releases $265m To Airlines To Settle Outstanding Ticket Sales

CBN has released $265m to airlines to settle their outstanding ticket sales.

Glamtush reports that the Central Bank of Nigeria (CBN)has released $265m to airlines operating in the country to settle outstanding ticket sales

 

This online newspaper learnt that a breakdown of the figure shows $230 million was released as special FX intervention while another sum of $35 million was released through the Retail SMIS auction.

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.”

 

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.”

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.

 

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.”

GLAMTUSH

Recent Posts

Ekiti Governor Honours Primate Ayodele’s Late Father, Names Street After Him

The governor of Ekiti state, Biodun Oyebanji has honoured Primate Elijah Ayodele’s late father by…

7 hours ago

Star Life: Saras & Kumud Teasers November 2024

Star Life's new series, Saras & Kumud teasers November 2024, can be accessed below.  …

17 hours ago

Polaris Bank Clinches “Best Mobile App” Award At Digital Jurist Awards 2024

Polaris Bank clinched the "Best Mobile App" award at the Digital Jurist Awards 2024.  …

17 hours ago

Access Holdings’ Total Assets Grows to ₦41.1 Trillion in Q3

Access Holdings’ total assets grew to ₦41.1 trillion in Q3.   Glamtush reports that Access…

18 hours ago

Nigeria Ranks Fifth Globally In Daily Social Media Usage (FULL LIST)

Nigeria has been ranked fifth globally in daily social media usage.   Glamtush reports that…

18 hours ago

Saras & Kumud Premieres On Star Life (Synopsis, Full Story, Casts)

Saraswatichandra, retitled Saras & Kumud, is Star Life’s upcoming series, which is a shift from…

19 hours ago