• Home
  • News
    BREAKING: Tinubu appoints Gbajabiamila as Chief of Staff, Akume, SGF

    BREAKING: Tinubu appoints Gbajabiamila as Chief of Staff, Akume, SGF

    Russia repels border attack, kills 50 Ukrainian troops – Moscow

    How MDAs Squandered ₦‎3.8 Trillion Under Buhari – Report

    Subsidy: FG owes NNPCL N2.8tn — Kyari

    Trump Vows to Stop Nigerians, Others from getting U.S. Birthright Citizenship if Re-elected

    3 Nigerian Governors using made-in-Nigeria vehicles as official cars

    Court sentences hotel owner, two others to death over OAU student’s death

    Court sentences hotel owner, two others to death over OAU student’s death

  • Politics
  • Security
  • Opinion
  • Sports
  • Technology
  • About Us
  • Contact Us
No Result
View All Result
9jaYarn
  • Home
  • News
    BREAKING: Tinubu appoints Gbajabiamila as Chief of Staff, Akume, SGF

    BREAKING: Tinubu appoints Gbajabiamila as Chief of Staff, Akume, SGF

    Russia repels border attack, kills 50 Ukrainian troops – Moscow

    How MDAs Squandered ₦‎3.8 Trillion Under Buhari – Report

    Subsidy: FG owes NNPCL N2.8tn — Kyari

    Trump Vows to Stop Nigerians, Others from getting U.S. Birthright Citizenship if Re-elected

    3 Nigerian Governors using made-in-Nigeria vehicles as official cars

    Court sentences hotel owner, two others to death over OAU student’s death

    Court sentences hotel owner, two others to death over OAU student’s death

  • Politics
  • Security
  • Opinion
  • Sports
  • Technology
  • About Us
  • Contact Us
No Result
View All Result
9jaYarn
No Result
View All Result

Released $265m blocked funds: Foreign airlines ‘ll continue to serve Nigerians, IATA assures

March 13, 2023

THE International Air Transport Association, IATA, yesterday disclosed that the Central Bank of Nigeria, CBN, releasing about 43 per cent of the total funds belonging to foreign airlines trapped in the country has placed Nigeria in a positive light across the global community.

The Vanguard had reported that the CBN had last weekend, released $265million, being part of the over $464 million belonging to the foreign airlines. Foreign airlines collect Naira for their tickets from customers and exchange the same for foreign currencies for their operations. But recently they said they had been unable to get the exchange executed through the official foreign exchange market due to scarcity of foreign exchange resources.

However, IATA’s Regional Vice President, Africa & Middle East, Kamil Alawahdi, in a statement yesterday, stated that the international body would continue to engage the Nigerian government on the need to release the remaining trapped funds.

He said: “IATA welcomes the Nigerian Government’s release of $265m of airlines’ blocked funds. We will continue to engage with it on expediting the release of the remaining amount so that airlines can continue providing the connectivity Nigeria requires without disrupting and harming its economy and jobs. “We encourage other countries, in Africa and elsewhere, that are blocking the repatriation of foreign airlines’ funds, to follow Nigeria’s example and release the money they are withholding. Without it, airlines cannot afford to serve those countries.

This would be detrimental to the people and businesses that depend on the market connectivity those airlines provide. “IATA speaks and leads the industry on matters of common interest. While IATA cannot speak for individual airlines, we hope the release of blocked funds with assurances and safeguards to prevent a recurrence, will persuade affected carriers to continue serving Nigeria.” Following the release of the $265 million of the funds, Nigeria still has an outstanding of over $300 million to pay the foreign carriers. In July, IATA disclosed that other African countries that are still indebted to the foreign carriers include Zimbabwe $100m; Algeria $96m; Eritrea $79m; and Ethiopia $75m.

Share this:

  • Twitter
  • Facebook
Share74Tweet46Send
Emem Unwana

Emem Unwana

Related Posts

Business

Subsidy: FG owes NNPCL N2.8tn — Kyari

May 31, 2023

Group Chief Executive Officer of Nigerian National Petroleum Company Limited, Mele Kyari has disclosed that the FG is owing the company N2.8 trillion of cash flow from the subsidy regime.Speaking to State House Correspondents on May 30, Kyari said:...

Business

3 Nigerian Governors using made-in-Nigeria vehicles as official cars

May 31, 2023

Nigerian literally prefers foreign-made vehicles to locally-made products, however, some newly elected governors have currently endorsed the made-in-Nigeria vehicles as official cars.Alex Otti is the new elected Governor of Abia state. He is one of the very few Nigerian...

Business

Biafra Day: Commercial Banks in Umuahia under locks

May 30, 2023

In all banks visited by our reporter at Library Avenue, popularly known as ‘Bank Road’ and at Umuwaya Road, customers were seen stranded as they were told by security men, to come back on Wednesday, leaving the customers frustrated.No...

Business

Adegoke Murder: Court Sentences Adedoyin to Death by Hanging

May 30, 2023

Osun State Chief Judge, Justice Oyebola Ojo has sentenced Dr Rahman Adedoyin, owner of Hilton Hotel, Ile-Ife to death by hanging. Earlier, Justice Ojo declared that Adedoyin, owner of Hilton Hotel, Ile-Ife, where Timothy Adegoke, an OAU postgraduate student...

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Categories

  • Business (108)
  • Career (67)
  • Editorial (12)
  • Entertainment (40)
  • Fashion (1)
  • Health (54)
  • Infographics (24)
  • International (62)
  • Lifestyle (54)
  • News (732)
  • Opinion (43)
  • Politics (179)
  • Security (200)
  • Sports (144)
  • Technology (37)
  • Travel (33)
  • Uncategorized (68)
  • Wazobia (2)

Popular

  • ADEBOWALE YEMI AND HIS HATCHET MAN’S JOB ON BICHI

    243 shares
    Share 97 Tweet 61
  • Anambra State Governor ‘Moves Against IPOB’, Declares Curfew in 7 LGAs

    185 shares
    Share 74 Tweet 46
  • IPOB, KANU AND IFEANYI EJIOFOR’S MISLEADING EFFORTS TO SUSTAIN A FAILED BIAFRA NARRATIVE

    186 shares
    Share 74 Tweet 47
  • Nigeria’s contract with Peseiro, new Super Eagles coach

    185 shares
    Share 74 Tweet 46
  • 2023 elections: A Paradigm Shift in Nigeria’s political History

    185 shares
    Share 74 Tweet 46
4
2
1
6

  • 9jayarn
  • Privacy Policy
  • Contact Us
  • About Us

© Copyright 2022 9jayarn

No Result
View All Result
  • Home
  • News
  • Politics
  • Security
  • Opinion
  • Sports
  • Technology
  • About Us
  • Contact Us