The Central Bank of Nigeria (CBN) has concluded plans to release another tranche of $150 million to international airlines, whose stuck funds are yet to be cleared. While the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said on Monday that the bank would release $120 million of trapped funds owed to international airlines operating in the country, another source with one of the international carriers told New Telegraph under a condition of anonymity that the country’s apex bank was actually planning to release another $150 million to the carriers in a few days.

The source disclosed that Emefiele in a meeting held with the carriers this weekend hinted that they were working on the release of another $150 million. “In a meeting we held with the CBN Governor, he hinted that the apex bank would release soon another $150 million to the airline. This is heart-warming,” the source said. It is still unclear how much that is left to be cleared by the CBN.

It Is also unclear how much the funds have accrued since the CBN released 265 million, remaining $200 million. There are indications that the stuck funds may have accumulated since August 26, 2022 when $265 million was released. The International Air Transport Association (IATA) confirmed in June that Nigeria had blocked $464 million in revenue from international airlines, warning that the decision would “damage the country down the road.” (New Telegraph)