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CBN Releases $300 Million To Foreign Airlines

The Central Bank of Nigeria (CBN) has released $300 million out of the $600 million airlines fund stuck in the country.

The Minister of State (Aviation) Hadi Sirika, stated this after the Federal Executive Council (FEC) meeting in Abuja that the released fund will cushion the effect of the cash squeeze affecting foreign airlines flying into Nigeria.

Sirika said: “Government through the CBN has made available $300 million out of the $600 million of the airlines’ funds stuck in Nigeria to pay the airlines to demonstrate its commitment to the sector.

“And with devaluation, $600 million could be $1 billion. With government intervention they have been given $300 million and gradually we will clear everything and once that happens, they (airlines threatening to quit) are not going anywhere.”

On the airlines’ threat to leave Nigeria, he said: “I think it is a response to how the industry is doing globally, especially Nigeria with recession, our inability to get the airlines to repatriate their currency that they earn through sales of tickets”.

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