Airlines seek $744 million of forex stuck in Nigeria

Lagos-based Punch newspaper reports that Nigeria is blocking foreign airlines from repatriating at least $744 million as its central bank rations dollars.Information Guide Nigeria

This was cited in a letter written by International Air Transport Association.

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IATA said in a letter to the Minister of Aviation, Hadi Sirika that “For over a year, Nigeria has been the country with the highest amount of airline-blocked funds in the world.”

According to PUNCH. The amount owed has risen from $464 million in July last year.

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IATA said foreign airlines have cut the number of seats available for sale in Nigeria and frequency of flights in a bid to slow the rising debt burden.NYSC Portal

PUNCH reports that the central bank in Africa’s biggest economy rations dollars to preserve its foreign exchange reserves, which have come under pressure from slumping oil production.

Foreign airlines are unable to get the dollar equivalent through the central bank but sell in sell tickets in local currency.JAMB Result

Recall that Emirates Airlines halted flights to Nigeria last August due to challenges in repatriating funds.

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