Foreign airlines’ funds stranded in Nigeria, according to the International Air Transportation Association (IATA), climbed from $450 million in May to $464 million in July. The shift occurs in the midst of the currency crisis, which prevented international airlines from remitting money home.
The country’s top bank distributed $265 million to domestic airlines to settle unpaid ticket sales.
Emefiele claims that the CBN is in commitment to assisting airlines in clearing their forex backlog. According to him, the bilateral air services agreement (BASA) does not require foreign airlines to bring back all of their foreign currency gains.
To avoid problems with currency repartition, Emefiele requested that nations where foreign airlines are headquarters give equal landing slots to Nigerian carriers.
In accordance with the bilateral air services agreement, Nigerian airlines must also have the opportunity to land an equivalent number of aircraft in your nations each week.