Nigerian Government to Release $300mn to Foreign Airlines

November 3, 2016

Nigerian government says it has directed the Central Bank of Nigeria (CBN) to release a total of USD300 million in unremitted revenue to foreign airlines, ch-aviation reports.

The announcement comes after IATA put Nigeria in the same category as Venezuela in June this year after complaints from foreign carriers that they were owed USD591 million by the CBN.

Repatriation issues first arose during the second half of 2015 when dramatic falls in oil-related export earnings lead to shortages of foreign currency on Nigeria's official market.

Given the situation, and given a worsening scarcity of Jet A1 fuel, international airlines have either withdrawn from the market completely or dramatically scaled back their operations.

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