Foreign Airlines operating in and out of Nigeria have taken their protest to the Central Bank of Nigeria (CBN) over difficulties in repatriating accumulated funds, now in excess of $800 million (N328.8 billion).
The airlines, about 30 in number, expressed displeasure over rising difficulties in repatriating earned revenue through an official window approved by the government.
Meanwhile, the fallout of the development is already affecting consumers as foreign airlines have adjusted the Rate of Exchange (RoE) from N411to N450, raising airfares some notches.
Though the repatriation is not peculiar to Nigeria, operating airlines have lately been having difficulties getting the dollar equivalent of tickets sold in Naira, for remittance to their home countries.
The International Air Transport Association (IATA) had in August, said approximately $963 million in airline funds are being blocked from repatriation in nearly 20 countries, including Nigeria that then owed $143.8 million.
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