Friday, 22 March 2024 04:45

CBN lied; FX backlog not cleared - Foreign airlines

Rate this item
(0 votes)

Against claims by the Central Bank of Nigeria (CBN) that it has successfully settled all outstanding foreign exchange (FX) obligations, foreign airlines say the status quo remains the same.

Kingsley Nwokeoma, President, Association of Foreign Airlines and Representatives in Nigeria, (AFARN) told BusinessDay that as far as he is concerned, nothing has changed as regards clearing foreign airlines’ trapped funds.

“If they say they have cleared the trapped funds, they should show us figures. They should tell us how much have been cleared. The last time I checked, the status quo remained the same,” Nwokeoma said.

Hakama Sidi Ali, acting director of corporate communications at CBN, on Wednesday announced in a statement that the financial regulator recently concluded the payment of $1.5 billion to settle obligations to bank customers, effectively settling the residual balance of the FX backlog.

But Bankole Bernard, chairman of Airlines and Passengers’ Joint Committee (APJC) of the International Air Transport Association (IATA) said that CBN’s claim is true, adding that the airlines’ trapped funds have been cleared.

According to him, the foreign airlines have been offered the option to get their funds from the banks using the rate of the I & E window but have refused because the current I &E window rate is not the same they used to sell tickets.

Bernard said the airlines would be making huge losses if they collected the money using the I & E window, that is why they stopped selling low inventory tickets and are selling only very high fares in order to recover their monies that have been lost as result of the current exchange rate.

When asked why Emirates is yet to resume flight operations in Nigeria, he said “Emirates cannot resume flight operations because of the diplomatic row they have with Nigeria. The rich and powerful still find their way to Dubai.

“The crimes Nigerians are committing in Dubai has made them refuse Nigerians from coming to Dubai. These crimes affect tourism. They do not want their country to be perceived as unsafe. Emirates still has their office in Nigeria and they have staff they are paying salaries,” he said.

Last year, International Air Transport Association (IATA) disclosed that Nigeria owed $812.2 million out of $2.27 billion trapped funds, making it the country with the highest trapped funds globally.

The top five countries that account for 68.0 percent of blocked funds include Nigeria ($812.2 million), Bangladesh ($214.1 million), Algeria ($196.3 million), Pakistan ($188.2 million) and Lebanon ($141.2 million).

 

Businessday

November 02, 2024

IPMAN accuses Dangote Refinery of selling fuel at prices higher than even imported products

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has voiced concerns over the high logistical…
October 31, 2024

Rivers’ funds: ‘Elements loyal to Tinubu govt pulling strings from behind the scenes - Atiku

As reactions continue to trill the judgement of a Federal High Court in Abuja on…
October 31, 2024

The No. 1 misconception about failing

Aditi Shrikant There are few massive success stories that didn’t start out with some sort…
November 02, 2024

This startup helps parents-to-be select embryos for ‘designer babies’ with higher IQ, other traits

American start-up Heliospect Genomics is charging wealthy parents-to-be up to $50,000 to screen their embryos…
October 27, 2024

That simple 'hi' text from a stranger could be the start of a scam that…

“Pig butchering" operations run out of Asia but target victims globally, with scammers promising love…
November 02, 2024

Here’s the latest as Israel-Hamas war enters Day 393

Ceasefire hopes fade as Israel bombards Gaza, Lebanon Prospects of a ceasefire between Israel and…
October 16, 2024

The AI revolution: How Predictive, Prescriptive, and Generative AI are reshaping the world

Bernard Marr In the ever-evolving landscape of artificial intelligence, three powerful forces are reshaping our…
October 27, 2024

Nigeria awarded 3-0 win over Libya after airport fiasco

Nigeria have been awarded a 3-0 victory over Libya, and three vital points, from their…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Prof Wale Are Olaitan: Editorial Consultant; Femi Kawonise: Head, Production & Administration; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2024 NewsScroll. All rights reserved.