(Posted 31st January 2024)
The International Air Transport Association (IATA) welcomes the Central Bank of Nigeria’s announcement yesterday afternoon that it has released an additional $64.44 million in blocked airline funds. IATA is consulting with airline members to verify the release of their revenues.
While this development is encouraging it’s crucial to recognize that approximately $700 million remains blocked with Nigeria’s commercial banks. As such there’s a considerable journey ahead in fully addressing the issue.
This is exacerbated by the devaluation of the Nigerian Naira, which has dropped significantly against the US Dollar. Airlines should not be unfairly penalized by the lower exchange rate.
IATA will continue to monitor the situation closely and work with the government to ensure that the environment remains conducive to ensuring Nigeria’s connectivity to international markets.
