IATA counters CBN, says $700million airline funds stuck in Nigerian banks

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IATA counters CBN, says $700million airline funds stuck in Nigerian banks

By Oluyemi Ogunseyin

31 January 2024   |  
4:49 pm

The International Air Transport Association (IATA) says approximately $700 million worth of airline funds remain with Nigeria’s commercial banks. IATA said this in response to an announcement made by the Central Bank of Nigeria (CBN) on Tuesday that it had released an additional $64.44 million in blocked airline funds. The CBN in a statement claimed…

An Emirates aircraft takes off from Dubai International Airport. Emirates Airline is set to resume its operation in Nigeria (Photo by KARIM SAHIB / AFP)

The International Air Transport Association (IATA) says approximately $700 million worth of airline funds remain with Nigeria’s commercial banks.

IATA said this in response to an announcement made by the Central Bank of Nigeria (CBN) on Tuesday that it had released an additional $64.44 million in blocked airline funds.

The CBN in a statement claimed that it had cleared the backlog of foreign airlines’ blocked funds.

“We are consulting with our airline members to verify the release of their revenues,” IATA stated in a statement on Wednesday.

“While this development is encouraging it’s crucial to recognize that approximately $700 million remains blocked with Nigeria’s commercial banks.”

IATA said there is a considerable journey ahead in fully addressing the issue of foreign airlines’ blocked funds in Nigeria.

It stated that the problem has been exacerbated by the devaluation of the naira which has dropped significantly against the US dollar.

IATA, however, said foreign airlines should not be unfairly penalized by the lower exchange rate.

It added that it will continue to monitor the situation closely and work with the Nigerian government to ensure that the environment remains conducive to ensuring Nigeria’s connectivity to international markets.

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