$2bn Debt: Airlines Get $62m As CBN Repays Banks The Central Bank of Nigeria (CBN) has paid $2bn to clear a part of its backlog of matured foreign exchange obligations to the Deposit Money Banks. Reports have put CBN’s forward contract obligations to banks at $7bn....

Nigeria Leads as Airlines’ Trapped Funds In Africa Hit $1.68bn - IATA   Foreign airlines’ trapped funds in Africa hit a record $1.68 billion by the end of September 2023 with Nigeria topping the list of debtors, the International Air Transport Association (IATA) has revealed. Other countries...

Less Than 10% of $700m Trapped Funds Paid – Foreign Airlines   As stakeholders in the business landscape express relief over the intervention by the Central Bank of Nigeria (CBN) in the foreign exchange market in recent times, foreign airlines operating in Nigeria have disclosed that...

Trapped Funds: FG Directs CBN to Engage Foreign Airlines Regularly  The Federal Government, through the Ministry of Aviation and Aerospace Development has directed the Central Bank of Nigeria to convene quarterly meetings with foreign airlines operating in the country to address the issue of trapped...

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...

Aviation Loses $3.5bn Over High Operating Cost, Poor Infrastructure   Operational challenges in the air transport sector in Nigeria and other African countries have been blamed for the loss of $3.5 billion of potential revenue in three years. The International Air Transport Association (IATA), at a special...