Nigeria: Release $265m on time, foreign airlines tell FG
The Central Bank of Nigeria has been urged by the Association of Foreign Airlines and Representatives in Nigeria to release the pledged $265 million immediately from the country's stuck cash.
Kingsley Nwokeoma, the association's president, said on Saturday that although the government had committed to transfer some of the cash, there should not be a delay if the impending crisis in the industry was to be avoided.
Due to its stuck $85 million, Emirates Airlines threatened to halt flights to Nigeria as of September 1. Other international airlines gave the government till December while also expressing concern that they could also halt service.
British Airways also forbade Nigerian travel agencies from selling its tickets on Friday due to the challenges faced by international airlines in returning the $464 million in ticket sales earnings to their home nations. On August 18, 2022, the International Air Transport Association reported a rise in the amount of international airline funds being kept in Nigeria from $450 million in May to $464 million in July.
Foreign carriers have raised prices, lowered flight frequencies, and suspended operations as a result of the trapped $464 million because they are unable to repatriate the money to their own nations.