Di Central Bank of Nigeria say dem don release $265 million to airlines to take settle outstanding ticket sales.
Dem say $230 million bin comot as special Forex intervention, while $35 million comot thru retail SMIS auction.
Central Bank of Nigeria releases $265 million to airlines to settle outstanding ticket sales. 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. #CBN pic.twitter.com/DUcpfPjqOJ
— Central Bank of Nigeria (@cenbank) August 26, 2022
Di Director of Corporate Communications Department for CBN, Mr. Osita Nwanisobi, confam di release say di CBN Govnor Godwin Emefiele and im team bin dey concerned ova di kasala wey dey affect di kontri aviation sector.
Oga Nwanisobi also add say dem no against any company to recova dia money money but wetin di Bank want na for dem to do am for orderly manner for di pipo wey wan do am.
Dis dey come one week afta Emirates airlines say dem go suspend flights to Nigeria from next month becos dem no fitget dia money.
International airlines fit boycott Nigeria
Emirates airline for statement on 18 August, say di lack of forex don impact dia operational costs wey dey kontinu to dey pile up for market. Meanwhile Kenya airways say dem dey try collect $28 million from Nigeria, Ethiopia and Malawi.
Dis na according to wetin di Kenya Airways Chief Executive Allan Kilavuka tell BBC. E tok dis one afta di airline say dem record loss of $82 million for di first half of 2022.
Lack of dis foreign currency na part of di reasons why di airlines don dey unprofitable in recent years.
Di International Air Transport Association (Iata) say e reach $1 billion wey kontris dey owe airlines across Africa wey fit create serious gbege to di aviation industry wey still dey sufer di effects of di Covid-19 pandemic.
How repatriation of funds dey work
Normally, pipo dey buy flight ticket for dia local currency.
Di reason na say foreign airlines dey required to sell dia services to customers for di local currency of di kontri wey dem dey operate.
Di money gon now dey converted to US dollars and na so di airline home kontri go collect am.
But shortage of foreign currency don dey hinder di arrangement.
