FX backlog: Foreign airlines fault CBN’s settlement claim, insist $700m still trapped
Some foreign airlines operating in Nigeria on Saturday announced plans to begin the sales of tickets in US dollars, New Telegraph reports.
Industry insiders claim that the airlines have promised to sell dollar tickets in order to clear the backlog of monies they have stashed in Nigeria.
According to sources, the plan was accepted by the Nigerian officials as a win-win tactic to appease foreign airlines that had threatened to withdraw from Nigerian airspace due to the $792 million in funds that were stuck.
Qatar Airlines has commenced the implementation of dollar ticket sales while other foreign airlines will follow suit soonest as activities resume fully in the new year.
Turkish Airlines, Emirate Airlines, British Airways, and a host of foreign airlines recently warned of their imminent exit from Nigeria if funds trapped in the country were not released soon.
In its media briefing held on December 8, the International Air Transport Association (IATA) raised an alarm over the total amount owed by countries in Africa and the Middle East, apportioning over 70 per cent of the total debt owed by Africa to Nigeria.
Kamil Alawadhi, Regional Vice President, of Africa and Middle East, speaking at the press briefing, said, “Nigeria alone accounts for almost half of blocked or trapped funds valued at US$2.57 billion.”
Nigeria’s debt or trapped funds belonging to these foreign airlines is $792 million, just $66 million short of the total trapped funds owed by Egypt ($348 million), and Algeria ($199 million).
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