Wednesday, 20 April 2016

Spanish Airline withdraws services from Nigeria due to CBN forex policy

Spanish national carrier, Iberia Airline has withdrawn its services from Nigeria. The decision which was taken yesterday, was based on the huge financial difficulties the airline is facing due to Central Bank of Nigeria (CBN)  refusal to exempt foreign airlines from its forex policy.

Nairametrics, a Business News, and Financial Analysis Website, reports that other foreign airlines are also contemplating pulling their services from the country.

The CBN policy has prevented it from repatriating its proceeds made in Nigeria in the last few months. Foreign airlines have over $500 million trapped in the various banks.

Before Iberia took this decision, foreign carriers had expressed their displeasure at the CBN policy, with many threatening to withdraw their services from Nigeria if nothing was urgently done to reverse it, The Tribune reports.

Following this development, foreign carriers requested to meet with the Federal Government to work out a solution by exempting foreign airlines from this policy. They are expected to meet with Vice-President Yemi Osinbajo in Abuja, today.

Source: Nairametrics/Nigerian Tribune

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