CBN Begins Clearance of $10bn Forex Backlogs of Foreign Airlines, Others The Central Bank of Nigeria (CBN), has started clearing over $10 billion foreign exchange backlogs of commercial banks and foreign airline operators. This is as the apex bank also assured the public that it has...

Trapped Funds: Foreign Airlines Plan Meeting With Fed Govt   The Switzerland-based global airline body, International Air Transport Association (IATA) on Sunday warned that rapidly rising levels of blocked funds were a threat to airline connectivity in Nigeria and some affected countries. IATA disclosed that the industry’s...

Foreign Airlines Raked In $1.1bn In Nigeria 2022   Foreign airlines operating in Nigeria raked in around $1.1bn in 2022 despite foreign exchange challenges. In a conversation with our correspondent on Monday, the Chairman of the Airlines and Passengers Joint Committee of the International Air Transport Association...

Foreign Airfares Hit New High As Airlines Settle For N582/$1   For the third time in less than a month, the rate of exchange (RoE) applicable to foreign airlines has ballooned, hitting N582/$1 with attendant spike in the cost of international air travel. At the new RoE,...

'Foreign Airlines Trapped Funds Will Be Remitted Soon' The Federal Government of Nigeria has taken a major step towards resolving the issue of trapped funds belonging to foreign airlines operating in the country. The President of the National Association of Travel Agents of Nigeria (NANTA) Susan...

Airfares Rise As Foreign Airlines Hike Exchange Rate   International airfares on Nigerian routes have gone up further by over 20 per cent after foreign airlines raised the exchange rate for ticket sale from N462 per dollar to N551 per dollar. International travellers on Nigerian routes have...