High Skies And Clear Debts: Foreign Airlines Applaud CBN’s Financial Liberation

High Skies And Clear Debts: Foreign Airlines Applaud CBN’s Financial Liberation

In a resounding chorus of gratitude, foreign airlines operating in Nigeria have commended the Central Bank of Nigeria (CBN) for successfully clearing the backlog of trapped funds….CONTINUE READING

A result of foreign exchange complications hindering the repatriation of revenues from ticket sales.

The CBN fulfilled its commitment by concluding the payment of all verified claims by airlines, injecting an additional $64.44 million into the aviation sector.

According to Mrs. Hakama Ali, the Acting Director of Corporate Communications at the CBN, this latest payment brings the total verified amount disbursed to the sector to a substantial $136.73 million.

Foreign airlines, united under the Association of Foreign Airlines and Representatives in Nigeria (AFARN), expressed relief at the resolution of the financial impasse.

AFARN’s President, Kingsley Nwokoma, conveyed the collective sentiment, hailing the CBN’s efforts and urging a strategic approach for the remaining $700 million still trapped with the CBN and other commercial banks.

Nwokoma proposed a quarterly payment plan, stating, “We thank the government for listening and doing it little by little, but we hope they can do more or have an arrangement with the airline for quarterly payment that will be perfect.

A systematic type of payment every quarter will help defray the backlog, and we can also get it behind us once and for all.”

As the aviation industry breathes a sigh of relief and anticipates further financial liberation, the CBN’s successful clearance of trapped funds signifies a positive turn for foreign airlines operating in Nigeria, paving the way for smoother skies ahead.