IATA welcomes Central Bank of Nigeria clearing blocked funds
Crucial to recognise that approximately $700 million remains blocked with Nigeria’s commercial banks: IATA
The International Air Transport Association (IATA) has welcomed the Central Bank of Nigeria's announcement that it has released an additional $64.44 million in blocked airline funds.
"We are consulting with our airline members to verify the release of their revenues," says an official release from IATA.
While the development is encouraging, it's crucial to recognise that approximately $700 million remains blocked with Nigeria’s commercial banks, the release added. "As such there's a considerable journey ahead in fully addressing the issue.
"This is exacerbated by the devaluation of the Nigerian Naira, which has dropped significantly against the US Dollar. Airlines should not be unfairly penalised by the lower exchange rate."
IATA will continue to monitor the situation closely and work with the government to ensure that the environment remains conducive to ensuring Nigeria’s connectivity to international markets, the release added.