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Nigeria Pays Airlines, But IATA Says More Needed for Smooth Flights

Eriki Joan UgunushebyEriki Joan Ugunushe
January 31, 2024
in News
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Nigeria Pays Airlines, But IATA Says More Needed for Smooth Flights
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Stuck in Lagos? Airlines operating in Nigeria have been struggling to get their hands on local currency earned from ticket sales, thanks to ongoing dollar shortages. The good news: Nigeria’s central bank just released an extra $64.4 million to foreign airlines, finally settling some verified claims.

But wait, there’s more… This latest payment only scratches the surface, according to the International Air Transport Association (IATA). They reckon there’s still a whopping $700 million stashed away in Nigerian banks, patiently waiting to return home to its airline owners.

Nigeria Pays Airlines, But IATA Says More Needed for Smooth Flights

Why the hold-up? Blame it on the dollar drought. Nigeria’s been grappling with limited foreign currency reserves since 2016, making it tough for companies to access those precious greenbacks. Add to this the naira’s recent nosedive – losing over 40% of its value against the dollar this month alone – and you’ve got a recipe for trapped revenue.

Frustration mounting:

IATA, on behalf of its airline members, isn’t exactly thrilled. They’re urging the Nigerian government to prioritize releasing the remaining funds, calling it “crucial” to maintaining the country’s international air connections. They also want to make sure airlines aren’t shortchanged by the naira’s devaluation.

So what now? The saga continues. IATA plans to keep a close eye on the situation and work with Nigerian authorities to get those grounded dollars flying again. Will it be a smooth takeoff or another bumpy landing? Stay tuned.

Tags: But IATA Says More Needed for Smooth Flights.federal charactergovernmentNewsNigeriaNigeria Pays Airlines
Eriki Joan Ugunushe

Eriki Joan Ugunushe

Eriki Joan Ugunushe is a dedicated news writer and an aspiring entertainment and media lawyer. Graduated from the University of Ibadan, she combines her legal acumen with a passion for writing to craft compelling news stories.Eriki's commitment to effective communication shines through her participation in the Jobberman soft skills training, where she honed her abilities to overcome communication barriers, embrace the email culture, and provide and receive constructive feedback. She has also nurtured her creativity skills, understanding how creativity fosters critical thinking—a valuable asset in both writing and law.

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