The Central Bank of Nigeria has disbursed $61.64 million to foreign airlines through various Deposit Money Banks.

A statement by President Bola Tinubu Media Center says the Apex Bank had in the last three months redeemed outstanding liabilities amounting to $2 billion.

The statement adds that the initiative is part of CBN’s effort to reduce its outstanding liabilities to the airlines.

In March 2023, there were heightened concerns over Foreign Airlines’ trapped fund.

The stakeholders fear that if the matter is not addressed urgently, it could dent Nigeria’s image globally, discourage foreign investment in the industry, and affect tourism.