CBN Releases $230 Million As Foreign Exchange Intervention

The Central Bank of Nigeria (CBN) has on August 26, 2022, released US$230 million as a special foreign exchange intervention for Nigeria’s aviation sector, with another US$35 million released through Retail SMIS auction.
CBN’s Director, Corporate Communications Department, Mr. Osita Nwanisobi says the US$265 million was released in a move to check a brewing crisis in the country’s aviation sector and to enable airlines operating in the country settle outstanding ticket sales.
He said the CBN 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 reiterated 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.

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Albinus Chiedu

Albinus Chiedu is a journalist, aviation media consultant, events management professional, and author. He has practiced journalism since 2000.

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