The International Air Transport Association (IATA) has revealed that airline funds blocked in Nigeria’s commercial banks are worth about $700 million.
IATA’s statement came in response to a statement by the Central Bank of Nigeria (CBN) on Tuesday. The CBN had announced the release of another $64.44 million from the blocked airline funds.
IATA said it was consulting with airline members to confirm the release of the proceeds. However, it emphasized that there is still about $700 million in funds blocked in Nigeria’s commercial banks.
The situation has had a negative impact on Nigeria’s connectivity to international markets and has been exacerbated by the devaluation of the naira, which has depreciated against the US dollar, the statement said. IATA stressed that foreign airlines should not be unfairly penalized due to the low exchange rate, adding that it will closely monitor the situation and work with the Nigerian government to ensure connectivity to international markets.
