The International Air Transport Association (IATA) has commended the Central Bank of Nigeria (CBN) for releasing $64.44 million in blocked airline funds.
But it claims $700 million remains blocked in Africa’s most populous nation.
The body disclosed it was in consultations with airline members to verify the release of these revenues
“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,” IATA said.
“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
The apex bank, on the other hand, insists its latest disbursement marks the conclusion of the “payment of all verified foreign exchange (FX) claims by airlines”.
The development also portends a potential end to a dispute that began in June 2022 when IATA first raised concern over its members’ $450 million blocked funds.
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