Foreign airlines lose N67bn to new forex policy –

The over 25 foreign airlines flying into Nigeria have lost a combined sum of $240m (N67.2bn) following the adoption of a new foreign exchange policy by the Central Bank of Nigeria, investigations have revealed.

The International Air Transport Association, the global trade body for about 260 airlines, had in May put the unremitted ticket sales proceeds in Nigeria by international airlines at $600m.

However, the movement of the CBN’s interbank exchange rate from N197 per dollar to over N280 per dollar, following the adoption of the new forex policy, has made the foreign airlines to lose at least 40 per cent of the $600m.

What this means is that the foreign airlines will lose about 40 per cent of the amount, which has been held in naira in Nigerian banks for several months due to dollar shortage. This translates to about $240m (N67.2bn).

Continue to for more.