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FX backlog: Foreign airlines insist $700m still trapped



FX backlog: Foreign airlines insist $700m still trapped
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Foreign Airlines operating in the country have faulted the announcement by the Central Bank of Nigeria, CBN, that it has settled all outstanding backlog of valid foreign exchange claims.

It would be recalled that the CBN  had on Wednesday said it has cleared the balance of $7 million pending valid forex backlog.

Also, in January this year, the apex bank disclosed that it had concluded the payment of all verified claims by foreign airlines with the payment of an additional $64.44 million to concerned airlines.

However, the President of the Association of Foreign Airlines and Representatives in Nigeria, AFARN, Kingsley Nwokoma, in an interview with on Thursday stated that about $700 million belonging to foreign airlines was still trapped in the country.

READ ALSO: Foreign payments contributes 49% of Nigeria’s 2023 CIT earnings

He challenged the CBN to show evidence of payment, if it truly cleared the backlog of FX belonging to the foreign airlines.

“This statement is just like the same thing they said the last time. If they say they cleared all forex backlog, and which include the foreign airlines’ backlog, it’s easy, it’s just for them to show everyone evidence to see that the foreign airlines backlog has been paid.

“However, it’s still the same amount they paid.

“They paid twice and we all know that the foreign airlines are complaining that they are still being owed over $700 million.

“If they say they have cleared it, then they should be transparent because transparency means showing how much they have paid to each sector, they should let us know,” Nwokoma stated.