@cenbank today releases $265 million into two windows of $230mn (Special FX Intervention) and another $35mn (Retail SMIS Auction), to clear outstanding ticket sales of international airlines.

CBN releases $265m to airlines over repatriation challenges

The Central Bank of Nigeria on Friday, released $265m to airlines operating in the country, to settle outstanding ticket sales to check a brewing crisis in the country’s aviation sector.

A breakdown of the figure indicated that $230m was released as special foreign exchange intervention while another $35m was released through Retail SMIS auction.

Disclosing this in a statement, the Director, Corporate Communications Department, CBN, Mr Osita Nwanisobi, said the CBN Governor, Godwin Emefiele, and his team were concerned about the development and what it portends for the sector and travellers as well as the country in the comity of nations.

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 Friday’s release, it is expected that operators and travelers as well will heave huge sighs of relief, as some airlines had threatened to withdraw their services in the face of unremitted funds for outstanding sale of tickets,” CBN said.

There has been serious concerns and reactions over hundreds of millions of dollars earned by foreign airlines operating in the country which they could not repatriate due to foreign exchange scarcity problems.

Onyema said, “AON, for the avoidance of doubt, commends the Federal Government for its unflinching support for the growth of indigenous investments in Nigeria.
“This was very evident in the manner the government got this challenge addressed immediately within 48 hours to the joy of the airlines.
“We equally commend the Nigerian Customs Service for also assisting the airlines, including but not limited to Air Peace, which was used as an example, in getting their aircraft spares and aircraft released.”
He added that the planes so far cleared had started flying.

nlfpmod:


https://twitter.com/BBoason/status/1563206113591382016?s=20&t=jF9ytBfRT8exPZHkpgFRiw



https://punchng.com/cbn-releases-265m-to-airlines-over-repatriation-challenges/?amp

PUSSYHOE:
Thieves in government

Happy Wailing ooo

ivolt:
Dollar will rise again.

ivolt:
Dollar will rise again.

post=116090618:

Wailers will always wail,
No matter the news.

It's in them just like Peak Milk

Happy Wailing ooo

Endsarspillar:
Aptly said

post=116090566:
Rather late than never.

Anything to move our darling nation forward is all we want at [color=#006600][/color].

God bless our darling Daddy President Muhammadu Buhari and his amiable Vice president Prof Yemi Osinbajo for all they are doing to make this once battered and looted nation work again.

God bless all sane, honest and hardworking Nigerians.
God bless Nigeria.

We Rise.

classicfrank4u:

Anything to justify your 30k stipends