Foreign airlines operating into Nigeria, can now heave a sigh of relief as the Federal Government has intervene in the release of their trapped funds through the Central Bank of Nigeria, CBN.
Also to heave a sigh of relief are passengers who have been having problems getting tickets to travel abroad.
The apex Bank today released the sum of $265 million to the airlines to settle outstanding ticket sales out of the $464 million trapped in the bank as announced by IATA.
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 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.
Mr. Nwanisobi retiterated that the Bank 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 this good news, airlines like Emirateswho had earlier threatened to halt flights to Nigeria may reconsider their decision to do so.
It will be recalled that, foreign airlines operating into Nigeria have had their money for tickets sold trapped in the CBN since the beginning of the year and efforts to get the money repatriated has been a heculean task.
