Estimated Reading Time: <1
Spanish national carrier, Iberia Airline has withdrawn its services from Nigeria.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.
- Northerners met in Kaduna to begin the search for Buhari’s successor
- Breaking: Villagers killed in fresh attacks and reprisals in Kaduna
- Explosives detonated at Governor Wike’s father’s Church in Port Harcourt
- Just In: Borno Governor led residents at Zabarmari for the funeral of 43 farmers beheaded by Boko Haram terrorist
- Breaking: Nigeria’s President Buhari confirms the beheading of 43 Borno rice farmers by Boko Haram
- Former Governor of Ebonyi State, Sen. Sam Egwu has asked security agencies to arrest him
- Update: 43 bodies recovered as Boko Haram terrorists slit throats of Borno farmers
- Federal Housing Authority to publish names of Nigerians indebted to the agency in national dailies – Here’s why
- Breaking: Here are the 2020 candidates that emerged winners of the Future Awards Africa
- Breaking: Boko Haram beheads 43 farmers in Zabarmari, Maiduguri