According to data from Iata, Nigeria’s central bank has returned US$61,64 million (R1,15 billion) of forex to international airlines in the last four months.
Iata has repeatedly asked the Nigerian government to release the funds, reports simplyflying.com.
In October 2023, Iata reported that Nigeria owed $792 million (R14,7 billion) in blocked airline funds, making it the country with the most trapped funds on the continent. The aviation body explained that if the blocked funds were not addressed, it could impact Nigeria’s air connectivity, airline capacity, airfares, and travel agencies while creating negative perceptions of its business economy.
The Acting Director of Corporate Communications of the Central Bank of Nigeria (CBN), Hakam Sidi-Ali, said the return of the funds assisted the bank’s efforts to reduce its liability to these foreign airlines.
“This underscores the CBN’s commitment to the resolution of pending obligations and a functional foreign exchange market. These payments signify CBN’s ongoing efforts to settle all remaining valid forward transactions, to alleviate the current pressure on the country’s exchange rate,” said Sidi-Ali.
She said the return of fund liabilities was expected to boost the Nigerian naira and restore investor confidence in the country.
