Spanish Airline withdraws services from Nigeria, cites "financial difficulties' 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Spanish national carrier, Iberia Airline has withdrawn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.
No comments