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The CBN has released $265 million to airlines to settle outstanding ticket purchases.

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In order to settle unpaid ticket sales, the Central Bank of Nigeria CBN on Friday disbursed $265 million to domestic airlines.
The gesture is intended to stop the crisis in the nation’s aviation sector, according to a statement made by Mr. Osita Nwanisob, Director of CBN’s Corporate Communications Department.

According to a breakdown of the amount, 35 million dollars were released through a retail SMIS auction, and 230 million dollars were issued as special FX interventions.

The CBN Governor, Mr. Godwin Emefiele, and his team, according to Nwanisobi, were worried about the development and what it would mean for the industry as well as travelers.

Also Read: CBN Governor, Emefiele withdraws his presidential bid

The apex bank, according to him, has nothing against any business bringing money back home.

What the CBN stands for, he explained, is a smooth exit for anyone who would be interested in doing so.

According to Nwanisobi, it is anticipated that operators and tourists will breathe a sigh of relief following the release.

According to the News Agency of Nigeria (NAN), certain foreign airlines with operations in Nigeria have threatened to stop operating if payment for overdue ticket sales isn’t made.

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Pepper
Pepper
Tijani Pepper is a news reporter at Panel News, and gistreportar. He is a passionate journalist in Politics, Sports development and investigative journalism.
Transfer DeadlineDusan Vlahovic, Caicedo, Emzo Fernandes

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