The International Air Transport Association (IATA) say it welcomed the Central Bank of Nigeria’s announcement that it has released an additional $64.44 million in blocked airline funds and is consulting with airline members to verify the release of their revenues.
IATA in a statement posited that while the development is encouraging, it’s crucial to recognize that approximately $700 million remains blocked with Nigeria’s commercial banks and as such, there’s a considerable journey ahead in fully addressing the issue.
This it stated is exacerbated by the devaluation of the Naira, which has dropped significantly against the US Dollar and airlines should not be unfairly penalized by the lower exchange rate.
The association said it 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.
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