…unable to repatriate over $144m revenue as CBN rations forex
As the naira crisis continues to worsen, foreign carriers operating in Nigeria have begun moves to reduce the total number of tickets they sell on Nigerian routes amid worsening dollar scarcity that has made it difficult for them to repatriate billions of naira in ticket sale proceeds to their head offices abroad.
The development will lead to a significant reduction in the about N1tn total ticket sales over 25 foreign carriers make on Nigerian routes.
This is happening as the International Air Transport Association–the global body for international carriers–said foreign airlines operating in Nigeria had been unable to repatriate about $144m (N60bn) in ticket sales back to their home countries, calling on the Federal Government to make forex available to the carriers to do so.
Already, United Kingdom mega carrier, British Airways, which make billions of naira in ticket sales from Nigerians annually, has issued a notice to travel agents informing them that it would be restricting ticket inventory in Nigeria due to exchange problems in the country.
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