The Central Bank of Nigeria (CBN) on Friday announced the release of $265 million out of the total $464 million trapped funds to foreign airlines.
This leaves a balance of $199 million.
Spokesman for the CBN, Mr. Osita Nwanisobi, who confirmed the release, said the apex bank was concerned about the development and what it portends for the sector and travellers as well as the country in the comity of nations.
A breakdown of the figure indicates that the $230 million was released as a special foreign exchange intervention while $35 million was released through the retail secondary market intervention sales (SMIS) auction.
He said the bank was not opposed to any company repatriating its funds from Nigeria but that the CBN stands for an orderly exit for those that might be interested to do so.
Recall that foreign carriers operating in Nigeria have been moaning and groaning about their revenue trapped in the country.
Consequently, Emirates scaled down its frequencies into Nigeria from 11 to seven weekly flights and threatened to halt its operation into the country on September 1, 2022 if its $85 million blocked revenue was not released.
Similarly, British Airways threatened to withdraw its services as from October in protest against its unremitted ticket sales revenue although it later disclaimed the report.
