Over $743 million in stranded cash were being used by international airlines coming into Nigeria as of January this year.
According to IATA, Nigeria has the most stranded foreign airline funds worldwide because the government weren’t prepared to provide international airlines with financing at the official rate.
Foreign airlines cannot be held responsible for the most recent increase in the exchange rate, according to the managing director of Financial Derivatives Company Ltd, Bismarck Rewane, a research company.
IATA pleaded with the minister to step in and see that Nigeria’s frozen airline finances were resolved.
