Relief as CBN may begin disbursement of foreign airlines' trapped funds: Nigeria

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Relief may be coming the way of Foreign airlines operating in Nigeria as information reaching Tribune Online has indicated that the Central Bank of Nigeria (CBN) may soon commence the disbursement of their proceeds running to $800 million trapped in the country.

According to a source from one of the airlines, many of the affected foreign airlines have been reached by the CBN in preparation for the disbursement.

It is however not clear how much of the trapped funds will be disbursed to the airlines, but information gathered revealed that the payment schedule and the mode to be engaged will become clearer in the coming week.

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A topmost official in one of the foreign airlines, when contacted to confirm when the CBN will start the disbursements of the trapped funds, simply said: “Not yet”.

The leadership of the International Air Transport Association (IATA), Willie Walsh, in one of his outings had confirmed Nigeria as the highest indebted country to the foreign airlines globally.

The airlines, determined to survive the hardship inflicted on them by the trapped funds challenge, had removed the low inventory fares from Nigeria leaving the travelling public with the higher low inventory tickets, a situation which led to a crazy increase in fares between Nigeria and international routes.

The settlement of the trapped funds will bring great relief to international travels in the country as the foreign airlines will remove the hitherto travel obstructions put in the way of Nigerian travelers.