Despite the Central Bank of Nigeria’s (CBN) assertion that it has resolved all outstanding foreign exchange (FX) obligations, foreign airlines maintain that the situation remains unchanged.
Kingsley Nwokeoma, President of the Association of Foreign Airlines and Representatives in Nigeria (AFARN), insists that the trapped funds issue persists.
“If they claim to have cleared the trapped funds, they should provide evidence. How much has truly been settled? As of my last check, the status quo remains,” Nwokeoma asserted.
Hakama Sidi Ali, CBN’s acting director of corporate communications, recently announced the payment of $1.5 billion to settle obligations to bank customers, effectively addressing the residual FX backlog.
However, Bankole Bernard, chairman of the Airlines and Passengers’ Joint Committee (APJC) of the International Air Transport Association (IATA), supports CBN’s claim, stating that the trapped funds have indeed been resolved.
The foreign airlines were offered the option to retrieve their funds from banks using the I & E window rate, but they declined. The current I & E window rate differs from the rate at which they sold tickets, leading to financial losses. Consequently, they ceased selling low inventory tickets and now focus on high fares to recoup losses caused by the exchange rate fluctuations.
Regarding Emirates’ flight operations in Nigeria, the diplomatic tensions between the airline and Nigeria have hindered its resumption. Despite this, the allure of Dubai continues for the wealthy and powerful, even as Nigerians face scrutiny for crimes committed in the city.
