The Senate on Wednesday urged the Central Bank of Nigeria (CBN) to release $717,478,606 airlines funds trapped in the country. It also asked the apex bank to allocate $25 million to airlines operating in the country at its forthnightly dollar auction. He said, “In February 2023, Nigeria alone accounted for 44 per cent of total airlines blocked funds in the entire world. “The total airlines’ blocked funds in Nigeria as at March 28th, 2023 amounted to $717,478,606, comprising matured bids that the Central Bank of Nigeria (CBN) is yet to deliver, bids yet to mature and cash balances in airlines’ accounts for repatriation. “Matured bids not delivered by CBN amounted to $186.5m, amounting to 26% of total blocked funds while three stakeholders (IATA, Qatar Airways, and Ethiopian Airlines) accounted for 57 per cent of total blocked funds.

Source: Ethiopian News May 18, 2023 14:56 UTC