Foreign airlines commend CBN on clearance of trapped funds

February 1st, 2024

Foreign airlines operating in Nigeria have praised the Central Bank of Nigeria (CBN) for clearing up some of the foreign currency that could not be remitted to their home countries as part of ticket sales revenue.

CBN to eliminate foreign currency debt of foreign airlines in the country by requiring affected airlines to pay an additional $64.44 million to complete payment of all confirmed claims of airlines. Remember that you have made good on your promise to clear your arrears.

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CBN’s Acting Director of Corporate Communications, Hakama Ali, said the latest amounts paid to airlines brought the total confirmed amount paid to the aviation industry to $136.73 million.

In a statement released Tuesday, the airline said all of its confirmed claims have now been resolved.

In response, foreign airlines under the Association of Foreign Airline Representatives of Nigeria (AFARN) said the approval was a sigh of relief for operating companies and stakeholders operating air services at home and abroad.

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AFARN President Kingsley Nwokoma has called on the CBN to adopt a quarterly payment schedule for the remaining $700 million in funds with CBN and other commercial banks.

Nwokoma said: “We appreciate that the government has listened and taken steps forward, but we hope that the government will do more or agree with the airlines on perfect quarterly payments. The quarterly payment method can help reduce backlogs or even eliminate it completely. ”

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