CBN intervention saves Nigeria $5bn loss to foreign airlines exit
Turkish Airlines

Nigeria’s Aviation Minister, Senator Hadi Sirika, has said Nigeria currently holds $283 million worth of foreign airlines’ funds.

The funds, according to him, are proceeds from sales of foreign airlines’ tickets among others that are trapped in Nigeria.

Sirika disclosed this during the commissioning of the new international terminal of the Murtala Muhammed Airport, Lagos on Tuesday.

He noted that the aviation sector needs the support of the Central Bank of Nigeria (CBN) to aid access of both local and foreign airlines to foreign exchange.

“Aviation business suffers from issues of foreign exchange by local and foreign airlines and their inability to repatriate blocked funds,” he said.

“Nigeria currently holds $283 million worth of foreign airlines fund in the country. I humbly ask for the support of the Central Bank of Nigeria (CBN) through the directives of President Muhammadu Buhari, to aid access of both local and foreign airlines to foreign exchange.”

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