The Central Bank of Nigeria’s announcement today, releasing an additional $64.44 million in blocked airline funds, is welcomed by the International Air Transport Association (IATA).
IATA says in a statement, “We are currently collaborating with our airline members to confirm the release of their revenues”.
“While this is a positive development, it’s essential to acknowledge that approximately $700 million remains blocked in Nigeria’s commercial banks. Addressing this issue fully will require a significant effort”.
The challenge is amplified by the devaluation of the Nigerian Naira, which has notably decreased against the US Dollar.
Airlines should not face unjust penalties due to the lower exchange rate.
“We will closely monitor the situation and collaborate with the government to ensure a conducive environment for maintaining Nigeria’s connectivity to international markets”.
