Divergent views have emerged between the Central Bank of Nigeria (CBN) and foreign airlines operating in the country regarding the total amount of unpaid ticket revenue. The CBN claimed on Tuesday to have settled all verified claims by foreign airlines, with an additional payment of $64.44 million, bringing the total verified amount paid to the air transport sector to $136.73 million. The central bank expressed confidence in having cleared all verified airline claims.
In a statement titled “FX Backlog: CBN Concludes Payment of All Verified Claims By Airlines,” the Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi Ali, affirmed the commitment of the CBN Governor, Olayemi Cardoso, and his team to clear the backlog of payments in various sectors and restore confidence in the Nigerian foreign exchange market.
However, the International Air Transport Association (IATA) responded by commending the CBN for the latest payment but asserted that over $700 million remained trapped in Nigeria. IATA, representing global airlines, emphasized the need for continued efforts, considering the devaluation of the Nigerian Naira against the dollar.
The association acknowledged the positive development of the $64.44 million disbursement while emphasizing the considerable challenge ahead in fully addressing the issue. IATA urged fair treatment for airlines in light of the lower exchange rate and committed to monitoring the situation closely and working with the government to ensure Nigeria’s connectivity to international markets.
Despite the recent payments and efforts by the CBN, discrepancies persist between the central bank’s claims and the reported figures from IATA, highlighting the complexity of resolving the issue and concerns within the aviation industry.
