Trapped Funds: CBN releases $265 million to foreign Airlines

The Central Bank of Nigeria, CBN has released foreign airlines trapped funds in the country.

The money released today is $265 million out of the $464 million stocked in the CBN as at July.

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 release, foreign airlines can now repatriate their money back to their country and the threats to stop operations into Nigeria may be jettisoned with this recent developments.

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