The Central Bank of Nigeria Has Cleared $831 Million FX Backlogs - IATA

Nigeria has paid-off 98% of its Foreign Exchange Backlog owed to international airline operators, in what is likely to provide some positives as the country struggles to find price stability in its Foreign Exchange market.?

According to the International Air Transport Association (IATA), Nigeria has cleared 98% of the $850 million owed to airlines, leaving a residual $19 million pending verification by the Central Bank of Nigeria.

The Geneva, Switzerland-based IATA said the development had brought international airlines’ trapped funds globally to about $1.8bn.

According to IATA, from the peak of about $850m foreign airlines’ funds in Nigeria last June, only $19m is left outstanding.

The association representing international airlines said the remaining $19m was awaiting the CBN verification through commercial banks.

The settlement move comes after Nigeria struggled to allow foreign airlines to repatriate their earnings because of an observed dollar supply shortage.?

At the height of it,Nigeria owed up to $850 million to international airlines in June 2023 and only settled $61 million of this amount, which the airlines considered insignificant.?

In January 2024, the airlines threatened a strike and some others scaled back their operations.?

A statement by The International Air Transport Association reads:

“We commend the new Nigerian government and the Central Bank of Nigeria for their efforts to resolve this issue. Individual Nigerians and the economy will all benefit from reliable air connectivity, for which access to revenues is critical. We are on the right path and urge the government to clear the residual $19 million and continue prioritizing aviation.”

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