International Air Transport Association (IATA) has welcomed the Central Bank of Nigeria (CBN)’s release of $64.44 million in blocked airline funds and noted that $700 million remains blocked in Africa’s most populous nation.
Gatekeepers News reports that IATA stated this in a statement on Tuesday.
The group said it is “consulting with our airline members to verify the release of their revenues, noting that about $700 million remains trapped in the country.
“While this development is encouraging it’s crucial to recognize that approximately $700 million remains blocked with Nigeria’s commercial banks. As such there’s a considerable journey ahead in fully addressing the issue,” IATA said.
“This is exacerbated by the devaluation of the Nigerian Naira, which has dropped significantly against the US Dollar. Airlines should not be unfairly penalized by the lower exchange rate.
“We will continue to monitor the situation closely and work with the government to ensure that the environment remains conducive to ensuring Nigeria’s connectivity to international markets.”
IATA is a clearing house for over 300 airlines worldwide, headquartered in Geneva, Switzerland.
