Nigeria’s Central Bank Releases Over $60M of Blocked Airline Funds
Nigeria’s Central Bank addresses foreign airlines’ blocked funds by releasing over $60M.
The Central Bank of Nigeria (CBN) recently released $61.64 million to foreign airlines struggling to access ticket sales revenue stuck in Naira.
In the past three months, the CBN has redeemed nearly $2 billion in owed funds to airlines, as announced by acting spokesperson Hakama Sadi Ali.
Notably, African nations, particularly Nigeria and Algeria, contributed to the top five countries responsible for 68% of airline funds blocked in 2023 according to IATA.
“Airlines cannot continue to offer services in markets where they are unable to repatriate the revenues arising from their commercial activities in those markets.”
Willie Walsh, IATA’s Director General.
The International Air Transport Association (IATA) urged governments to respect agreements and facilitate timely repatriation of airline revenues.
