All Emirates’ flights to Nigeria have been suspended after $85 million in revenue has been unable to be retrieved from Nigeria by the company.
According to Reuters. The Emirates announced on Thursday that it had put a hold on flights in and out of Nigeria because of its inability to repatriate funds from the West African country.
– Last month, Emirates asked Hadi Sirika, Nigeria’s minister of aviation, to support the repatriation of its revenue, amounting to $85 million, according to The Cable.
The airline said there had been “no progress” in reaching Nigerian authorities for a solution.
Local Nigerian media is reporting that international carriers operating in Nigeria have repeatedly complained about their inability to repatriate funds to their home countries.
– According to Nigeria’s Punch Newspaper, blocked funds belonging to these airlines have risen to about $600m.
Thanks to the inability of the Central Bank of Nigeria to make the US dollar available for the carriers to repatriate. As Nigeria is facing a foreign exchange crisis due to the depreciation of the naira against the dollar.
– In the News.