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Airline Operators of Nigeria: Emirates, Other Foreign Airlines Can Repatriate ‘Trapped’ Funds without CBN


Spokesperson Airline Operators of Nigeria, Prof Obiora Okonkwo, argued on Wednesday that international airlines sell their tickets at the rate of N700 or more to the dollar yet wish to repatriate the money for about N430 at the official Central Bank of Nigeria rate.

Speakimg on the Morning Show, Okonkwo who is also Chairman of United Nigeria Airlines, further stressed that it is incorrect to claim that the CBN trapped the funds of foreign airlines and reiterated that it amounts to blackmail to frame it that way.

He pointed out that international airlines have the choice to repatriate money from Nigeria by buying foreign exchange at the parallel market, since they price their tickets using those same rates, but have chosen not to do so.

He also stated that the ultimatum given by foreign airlines to pull out of the Nigerian market is disrespectful to the Nigerian government and Nigerians in general, especially because the Nigerian route is lucrative to these airlines.

In light of this, he urged the foreign airlines to “show love” and bear with Nigeria during these tough times of forex scarcity.

Watch the interview for more: 

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-Damiloju Oreofe

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