Nigeria currently holds $283 million worth of foreign airlines’ funds – Sirika

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Nigeria is currently holding $283 million worth of foreign airlines’ funds in the country. The funds are proceeds from sales of foreign airlines’ tickets among others that are trapped in Nigeria.

This was disclosed by the Minister of Aviation, Hadi Sirika, during the commissioning of the new international terminal of the Murtala Muhammed Airport, Lagos on Tuesday.

According to him, the sector needs the support of the Central Bank of Nigeria (CBN) through the directives of President Muhammadu Buhari, to aid access of both local and foreign airlines to foreign exchange.

He said, “Aviation business suffers from issues of foreign exchange by local and foreign airlines and their inability to repatriate blocked funds. Nigeria currently holds $283 million worth of foreign airlines fund in the country. I humbly ask for the support of the Central Bank of Nigeria (CBN) through the directives of President Muhammadu Buhari, to aid access of both local and foreign airlines to foreign exchange.”