CBN Releases $265m To Airlines For Outstanding Ticket Sales
The Central Bank of Nigeria (CBN) has released $265 million to airlines to settle outstanding ticket sales, according to a report by Reuters.
This was disclosed in a statement on Friday.
Airlines have said they have millions trapped in Nigeria due to an inability to access the foreign exchange repatriate funds.
Dubai’s Emirates has said it will suspend its service to Nigeria from next month, and other carriers have reportedly cut back their capacity to the country due to the difficulties in repatriating funds.
NewsBeatng reports that Nigeria, which gets 90 per cent of its foreign exchange from oil, has struggled with a lack of foreign currency due in part to rampant pipeline theft that has cut oil exports by nearly half a million barrels per day to around 1.4 million barrels per day (bpd).
The International Air Transport Association said that by July Nigeria had blocked airlines from repatriating some $464 million in revenue.