Foreign Airlines’ Trapped Funds Now $700 million, Dollar Rate Hits N760

October 26, 2022
Naira Opens Week With Gain Across FX Markets
US dollars and Naira

The representative of International Air Transportation Association (IATA) in Nigeria, Samson Fatokun, says foreign airlines’ trapped funds in the African country is now $700 million.

In August, the International Air Transportation Association had disclosed that the trapped funds was $464 million as at July, however, that amount has now increased to $700 million.

Join our WhatsApp Channel

Fatokun revealed this during a meeting with the Minister of Aviation, Hadi Sirika, foreign airlines, Airlines Operators of Nigeria (AON) and leaderships of the House of Representatives, as well as the Central Bank of Nigeria (CBN) governor, Godwin Emefiele.

Recall that Emefiele had revealed that the central bank plans to release $120 million to the foreign airlines to help with the repatriation process by October 31, 2022.

READ ALSO: VIDEO: Air Peace Boss, Onyema, Blames Foreign Airlines For Trapped Dollars, Gives Reasons

This is in addition to the $265 million the central bank released in August after the foreign airlines complained of not being able to repatriate their ticket revenue from Nigeria.

Giving an update to the total trapped funds, Fatokun said, “What we have right now is $700 million — our balance is $700 million.”

He asked that the financial regulator reveal the plans it has for foreign airlines that are unable to repatriate their funds, “The airlines are reasonable by saying that [you] give us a plan for repatriation,” he said.

The international airlines are avoiding the black market, as cost of exchanging naira to dollar is at a premium rate of N760/$1 as of October 25, 2022.

This makes the official market of the Investors and Exporters window the best option for foreign airlines to exchange naira for dollar, as the forex rate is placed at N441.67/$1.

+ posts

Featured Stories

Latest from Business News

Angola’s Sonangol Presses Ahead with IPO Preparations Despite Delay

Written by Amanze Chinonye Angola’s state-owned oil company Sonangol is continuing preparations for a planned initial public offering (IPO), with internal work focused on ensuring the sale delivers value to prospective shareholders, Executive Board Member Osvaldo Inácio said. Join our WhatsApp Channel The

AEW Opens in Cape Town as Africa Seeks Investment for Energy Projects

Written by Amanze Chinonye African Energy Week (AEW) 2026 opened in Cape Town on Monday, bringing together government officials, energy companies, investors and project developers to explore opportunities for financing and developing Africa’s energy resources. Join our WhatsApp Channel More than 10,000 delegates

Kenya’s Debt Burden Raises Questions Over IMF Lending Conditions

Written by Amanze Chinonye Kenya’s mounting debt repayments are intensifying debate over the impact of International Monetary Fund (IMF) lending conditions, including tax increases and spending cuts, as the government faces a major refinancing challenge ahead of the August 2027 general election, Prime

OPay Revenue More Than Doubles Ahead of Proposed US IPO

Written by Amanze Chinonye Nigerian fintech OPay recorded a sharp increase in earnings in the first half of 2026, with revenue climbing to $467.1 million as the digital payments provider moves towards a proposed listing on the New York Stock Exchange. Revenue for
Shelter Afrique Eyes Sovereign Lending Market, Partners AfDB
Previous Story

Shelter Afrique Eyes Sovereign Lending Market, Partners AfDB

Next Story

Folorunsho, Edafe Lose Penalties As Colombia Edges Past Nigeria

Don't Miss

NACCIMA DG Says Printing N5,000 Notes Better, Faults Emefiele’s Naira Redesign Policy

NACCIMA DG Says Printing N5,000 Notes Better, Faults Emefiele’s Naira Redesign Policy

The Director-General of the Nigerian Association of Chambers of Commerce,
Tinubu's Govt Agrees To Pay Minimum Wage Of Over N

Tinubu’s Govt Agrees To Pay Minimum Wage Of Over N60,000

President Bola Tinubu-led Federal Government has agreed to pay an