The Central Bank of Nigeria (CBN), yesterday, released $265 million to airlines operating in the country to settle outstanding ticket sales as part of efforts to prevent the looming crisis in the aviation sector.

A breakdown of the figure indicates that $230 million was released as special foreign exchange (FX) intervention while another $35 million was released through retail SMIS auction.

Confirming the development, the Director, Corporate Communications Department at the CBN, Osita Nwanisobi, said the apex bank, Godwin Emefiele, and his team, were concerned about the challenge and what it portends for the sector and travellers.

It would be recalled that some foreign airlines had disclosed their intentions to leave the country over rising operating challenges including their inability to source FX to repatriate trapped funds.

Nwanisobi reiterated that the CBN 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 yesterday’s release, it is expected that operators and travellers as well would heave a sigh of relief.