Travel agents have expressed optimism and joy that airfares on international destinations are beginning to come down as the appreciation of the Naira over dollar has started reflecting on the International Air Transport Association (IATA) exchange rate, which is the bench mark that foreign airlines use to determine their fares. The General Managing Director, Flinchglow […]
*Top travel agent explains why CBN does not owe foreign airlines Foreign airlines have continued to dispute the claim of the Central Bank of Nigeria (CBN) that it has paid off all the trapped airlines funds in its possession. But there are indications that the apex bank might be right as other revenues of the […]
Foreign airlines that operate in Nigeria have expressed disappointment over the $61 million paid by the federal government as first installment to offset the $800 million revenue of the international carriers trapped in Nigeria. The airlines described the amount paid as insignificant, saying they may review their continued flight operation to Nigeria because government did […]
Despite claims in some quarters that foreign airlines may soon shutdown operation in Nigeria as a result of ‘trapped funds,’ it has emerged that that many of the airlines have since repatriated their funds from Nigeria. The International Air Transport Association (IATA), had recently said Nigerian government could hamper air connectivity over the non-repatriation of […]
The Central Bank of Nigeria (CBN) yesterday released $265 million to foreign airlines operating in the country for the remittance of a part of their revenues trapped in the country. A number of foreign airlines had raised the alarm over their inability to remit their revenues in Nigeria said to be around $450 million. Last […]
