By Sade Williams
The International Air Transport Association (IATA) has commended the Central Bank of Nigeria (CBN) for releasing an additional $64.44 million in blocked foreign airline funds.
The body said it is however, consulting with member airlines to verify the claims by the CBN.
“While this development is encouraging it’s crucial to recognize that approximately $700 million remains blocked with Nigeria’s commercial banks. 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 penalized by the lower exchange rate.
“We 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.”, IATA said in a statement.
The CBN had said it has concluded the payment of all verified forex backlog owed foreign airlines with the release of an additional $64.44 million.
Hakama Sidi-Ali, CBN’s acting director of corporate communications, disclosed this on Tuesday.
Sidi-Ali said the latest amount paid to the airlines brought the total verified sum disbursed to the sector to $136.73 million.
