Nigeria unlocks currency to help settle aviation fee debt

Nigeria will allow its currency, the naira, to trade freely against the US dollar from June 20, following a move by several international airlines to stop flights into the country. In March, IATA estimated Nigeria owed foreign airlines some NGN113.3b (US$575m), principally because of govt-imposed currency controls. IATA regional manager Samson Fatokun said Nigeria is in the top two countries with the biggest airline debts worldwide. “The inability of airlines to access forex [foreign exchange] in Africa’s largest economy, if not solved, will affect air transport services to, from and within Nigeria and undermine the country’s position as West Africa’s aviation hub,” IATA said. <br/>