The International Air Transport Association (IATA) has welcomed the announcement by the Central Bank of Nigeria (CBN) on Tuesday that an additional $64.44 million in blocked airline funds has been released. IATA, a clearing house for over 300 airlines worldwide, headquartered in Geneva, Switzerland, stated that it is currently consulting with its airline members to verify the release of their revenues.
While acknowledging the positive development, IATA emphasized that around $700 million belonging to foreign carriers remains trapped with Nigeria’s commercial banks. The association issued a statement to journalists, expressing its concern over the issue and stating that there is still much work to be done to fully address the problem.
The IATA statement highlighted the impact of the devaluation of the Nigerian Naira against the US Dollar, noting that airlines should not be unfairly penalized by the lower exchange rate. The association pledged to monitor the situation closely and work with the government to ensure that the environment remains conducive to Nigeria’s connectivity to international markets.
The Central Bank of Nigeria had announced the conclusion of payments for all verified claims of the backlog of foreign exchange owed to foreign airlines, with an additional $64.44 million released. The total verified amount paid to the sector now stands at $136.73 million.
