GENEVA - In what is the latest episode underscoring an ongoing liquidity crisis in Nigeria, especially concerning availability of dollars, the International Air Transport Association (IATA) recently complained that airlines have $464 million in revenues that they could not repatriate out of Nigeria.
This is amplifying a crisis that had led to flight ticket hikes and the threat to the aviation sector of the potential exit of big employers.
On August 26, the Central Bank of Nigeria said it has made $265 million available for release to the airlines.
The money appears to have been raised from the bank’s foreign exchange reserves and an auction to importers.
IATA, the global trade group for airlines, welcomed the gesture. There is an implied belief that the rest of the withheld funds will be released.