Disagreement between CBN and international airlines regarding a $700 million fund in limbo

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The Central Bank of Nigeria and foreign airlines operating in the country are at odds regarding the total amount of unpaid ticket revenue.

The CBN recently claimed to have settled all verified claims by foreign airlines, including a payment of $64.44m, bringing the total to $136.73m for the air transport sector.

However, the International Air Transport Association acknowledged the payment but emphasized that around $700m is still trapped in Nigeria.

Despite the positive step, the naira’s continuous fall against the U.S. dollar remains a concern, hitting an all-time low.

The CBN has addressed over $2.5bn in overdue foreign exchange debts in the past three months and recently released $500m to various sectors.

The central bank encourages public support for foreign exchange market reforms and pledges to uphold professionalism to let market forces determine exchange rates.

 

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