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...
IATA Cautions FG as Airlines Trapped Funds Rises to $802m
The International Air Transport Association latest report has revealed that the total amount of foreign airlines’ trapped funds in Nigeria has risen to $802m and warned the Nigerian government that the situation could hamper air...
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...
