By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: CBN Debunks Restriction of Forex to Airlines
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

CBN Debunks Restriction of Forex to Airlines

Farouk Mohammed
By Farouk Mohammed
Published: March 29, 2016
Share
4 Min Read
SHARE

cbn111111-2-1-1-1-1-1-1-1-1-1-1-1-1-1-1

The claim by airlines that scarcity of foreign exchange has made their operations difficult has been debunked, as the Central Bank of Nigeria (CBN) disclosed it has been selling to carriers through their banks.

The apex bank noted that part of the strategy has been to identify key sectors and indus tries that will drive growth and curtail excessive forex demand, adding that airlines have been buying through their banks at the interbank rate.

Spokesman for the CBN, Isaac Okoroafor, said: “I am sure if you go through the published statements of sale by the banks you will find this. What is not possible now however, is for CBN to meet just any demand by some of these airlines.”

- Advertisement -

He corroborated the position of the outgoing President of National Association of Nigeria Travel Agencies (NANTA), Alhaji Aminu Agoha on the astronomical cost of air tickets especially by foreign airlines.

Buttressing his claim, he said a look at the advertised airfares of these airlines, shows a huge hike in flight tickets by almost 100 per cent, describing it as curious despite easy access to foreign exchange made available to them.

His words, “Is it not curious to note that some of them have their business class fares as low as about N600,000, while others put theirs at close to N2 millon. Can you imagine that? We all need to understand that there’s no way we will collect all our reserves to satisfy just few businesses while other ones suffer

“I don’t know where they got the number of 2000 workers they are parodying but this threat to sack workers is very unfair and this seeming blackmail is not going to print dollars overnight.”

- Advertisement -

It was reported recently that some foreign airlines had concluded cutting down on their staff strength while others are said to reducing the number of flights coming into the country.

They claimed that the difficulty in repatriating their huge money out of the country totalling over $1 billion could force them to take the decision.

Agoha stated that the alarming and dangerous situation needs an urgent attention, adding that the travel industry is fast losing revenue, while trav el agencies are closing shops.

To him, job losses in the travel sector would further increase the number of unemployment figure in the country with the added dangers that comes with unemployment.

He called on the Federal Government to urgently look into this situation with a view to rectifying it.

He stated that already, as a result of that, British Airways and Virgin Atlantic Airline are taking desperate measures by removing lower fares from their display and offering same to travel agencies that are able to remit funds to them in United States dollars.

“Other airlines are threatening to follow suit. We at NANTA are very worried about this situation and would like the Federal Government to call the erring airlines to order as the legal currency for trading in Nigeria is the Naira.”

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:AirlinesCBNForex
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article Army Denies Involvement In Arrest, Detention of 76 Enugu Farmers
Next Article PHOTOS: Buhari, Osinbajo, Other Dignitaries at Tinubu’s Birthday Event

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 3 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

L-R: Ify Okoye, Digital Creator; Linda Ejiofor-Suleiman, Actress; Stella Erebor, Head Internal Audit, Nigerian Communications Commission; Emanuella Samuel, Comedienne/Actress, Sylvia Musalagani, Safety Policy Manager, Africa, Middle East & Turkey (AMET), Meta, and Nicole Chikwe, founder of The Mummy Summit, during the launch of Instagram teen accounts in Lagos on Wednesday, June 4, 2025
Meta Launches Teen Accounts on Instagram in Nigeria to Enhance Online Safety for Young Users
Tech
President Tinubu and Top Officials Attend Eid-el-Kabir Prayers in Lagos, Emphasize Peace and Progress
News
Elon Musk’s Net Worth Plummets $34 Billion Amid Explosive Feud with Donald Trump
International
BREAKING: Akwa Ibom Governor Pastor Umo Eno Defects from PDP to APC in Strategic Political Shift
Politics Top stories
BREAKING: Former Chief Justice of Nigeria, Mohammed Uwais, Passes Away at 89
News Top stories
- Advertisement -
Ad imageAd image

You May Also Like

International

Russia Launches Deadly Drone and Missile Strikes Across Ukraine Following Ukrainian Attacks on Russian Bomber Fleet

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 6, 2025
Top stories

MTN Nigeria Doubles ICT Industry Average with 41.4% Female Workforce Representation

Muhammad A. Aliyu
Muhammad A. Aliyu
June 6, 2025
News

Lagos Commuters Endure Severe Gridlock as Pre-Sallah Activities Paralyze Major Routes

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 6, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?