Foreign airlines have disclosed that about 90 per cent of their $783m remains trapped in the country as the Central Bank of Nigeria (CBN) has directed the airlines to meet their banks to clear the foreign exchange (FX) forwards backlog.
The airlines stated this during a stakeholders’ forum convened by the Minister of Aviation and Aerospace Development, Festus Keyamo, in Lagos recently.
Despite recent efforts to alleviate the situation, the airlines said a significant portion of those funds remained inaccessible to them.
