Simple Flying - Molly Russell
Nigeria’s foreign currency shortage has trapped around $700 million in funds for foreign airline operators, according to Vanguard. Despite financial intervention by the Central Bank of Nigeria (CBN), the figure is expected to rise further, having already doubled from £346 million in September.
Strict measures have been implemented by the government to prevent foreign currency from leaving the country. In September, Nigeria’s Civil Aviation Authority announced it would begin fining carriers using currencies other than the Naira after the CBN released $256 million in funds.
Airlines including British Airways, Emirates, Qatar Airways, and Virgin Atlantic, were reportedly only able to access $110 million during August; however, CNB assured that the remaining funds would be available 60 days forward on October 31. The outstanding funds currently account for 32% of trapped funds worldwide.
