IATA says $700m belonging to airlines still blocked in Nigeria’s banks

IATA Response to CBN Announcement on Clearing the Backlog of Foreign Airlines’ Blocked Funds

The International Air Transport Association (IATA) welcomes the Central Bank of Nigeria’s announcement this afternoon that it has released an additional $64.44 million in blocked airline funds. We are consulting with our airline members to verify the release of their revenues.

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.

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.