How CBN’s Action On Foreign Airlines Trapped Funds Saved Nigeria’s Image

By Prosper Mene

Foreign airlines like Emirates, British airways and others in response to the announcement of the release of $265million trapped funds to foreign airlines by the Central Bank of Nigeria (CBN), have reintroduced their lower class tickets also known as lower inventory in Nigeria.

This is coming in as Stakeholders in the aviation industry commended the CBN for releasing the funds to foreign airlines, noting that the action saved the country’s image.

Recall, some foreign airline had earlier raised an alarm over their inability to remit their revenues in Nigeria, totalling about $450 million.

Emirates Airlines announced that it would suspend all flights to Nigeria from September 1, 2022, over its stuck $95 million.

Fortune smiled on the International carriers and Boarders as the Nigerian government on Friday succombed to the pressure by the affected Foreign airlines with the release of $265 million of the trapped funds. This in return triggered the airlines to reintroduce their lower-class tickets.

This simply means that Nigerians can now purchase cheap tickets for their travels.The foreign airlines had in the past three weeks introduced tickets that ranged from N1.2million to N1.5million for economy class, which was sold for N400,000 early this year while business classes were sold at N4 million a N2.5 million and N2million increase from the previous price at N1.5million and N2million.

In response to the development some foreign airlines reduced their flights to Nigeria to retrieve back losses.