US$577m foreign airlines fund hangs in Nigeria – IATA
IATA has been revealed that the trapped funds of foreign airlines with the Central Bank of Nigeria have risen to US$577m as of March 2016. This is as 22 countries out of 54 in the continent have signed the Solemn Declaration, which would enable intra-connectivity within the continent among its carriers. The foreign airlines have been unable to repatriate the funds earned from the ticket sales in the country since Oct 2015 and this had caused lots of crisis in the airline sub-sector as some of them had threatened to suspend operations into the country while others are thinking of downsizing their employees in the country. The blocked fund was initially over $700m, but that the federal govt had in the past 2 months released some of the money to the affected airlines. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2016-05-24/general/us-577m-foreign-airlines-fund-hangs-in-nigeria-2013-iata
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US$577m foreign airlines fund hangs in Nigeria – IATA
IATA has been revealed that the trapped funds of foreign airlines with the Central Bank of Nigeria have risen to US$577m as of March 2016. This is as 22 countries out of 54 in the continent have signed the Solemn Declaration, which would enable intra-connectivity within the continent among its carriers. The foreign airlines have been unable to repatriate the funds earned from the ticket sales in the country since Oct 2015 and this had caused lots of crisis in the airline sub-sector as some of them had threatened to suspend operations into the country while others are thinking of downsizing their employees in the country. The blocked fund was initially over $700m, but that the federal govt had in the past 2 months released some of the money to the affected airlines. <br/>
