Despite difficulties with foreign exchange, foreign airlines operating in Nigeria made almost $1.1 billion in 2022. The Central Bank of Nigeria was urged to release $717,478,606 in airline cash by the Senate in a resolution that was just passed.
The upper house also requested that the CBN distribute $25 million from its twice-weekly dollar auction to Nigerian airlines. Kingsley Nwokoma, the spokesperson for foreign airlines operating in Nigeria, also reacted, warning that if the Nigerian government does not act quickly to repatriate the funds, airlines may be compelled to leave the nation.
Nwokoma asserted that more airlines would depart the nation if the government does not start the process of repatriating the locked monies right once. If these monies are not available, more airlines are preparing to quit.