Foreign airline operators in Nigeria have challenged the announcement by the Central Bank of Nigeria (CBN) that it has cleared all valid foreign exchange backlogs. Speaking through the President of the Association of Foreign Airlines and Representatives in Nigeria (AFARN), Kingsley Nwokeoma, the operators challenged the federal government to provide evidence of payment. “If they’ve paid, they should let us …

The Central Bank of Nigeria (CBN), says it has disbursed 61.64 million dollars to foreign airlines through various Deposit Money Banks (DMBs). According to a statement by its Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali in Abuja on Sunday, the disbursement is in fulfillment of CBN’s commitment to eliminate the backlog of pending matured foreign exchange in DMBs. Sidi-Ali …

Foreign airlines have disclosed that about 90 per cent of their $783 million trapped funds have not been unpaid. The airlines stated this during a stakeholders’ forum convened by the Minister of Aviation and Aerospace Development, Festus Keyamo, in Lagos recently. According to data from the International Air Transport Association (IATA), as of August 2023, Nigeria accounted for a substantial …

Trapped funds belonging to foreign carriers operating flights into and out of Nigeria have hit $738 million, the International Air Transport Association  (IATA) has disclosed. The clearing house for over 200 global carriers said the funds hit the mark in August 2023. In a statement released yesteday, IATA stated that it was engaging the Nigerian government on how to improve …

The International Air Transport Association has claimed the blocked funds of foreign airlines operating in Nigeria have risen to $812.2 million. The association warned that rapidly rising levels of blocked funds constitute a threat to airline connectivity in the affected markets. According to a release on Sunday by International Air Transport Association (IATA), the industry’s blocked funds have increased by …